1-Man’s Opinion Column-Friday “Who is really paying for the Stadium the Chargers want-the owner or the fans?”
Just Asking…questions about the Chargers Stadium proposal with JMI?
Chargers Contribution….It sounds flashy to say the Chargers are going to put up 350M of their money as part of the financing of the Stadium-Convention Center complex.
But you must read the ‘fine print’ if you can find it.
As a by product of the financing structure, the Chargers are going to get all the PSL ticket money, the Stadium naming rights fee, and the Signage within the stadium. That sounds like a tremendous haul of revenue, and that’s what new stadiums generate across the NFL.
The Bolts hope to sell 200M in PSLs to fans in San Diego, the personal seat licenses, that can range from 2500-per ticket to up to 10,000 per ticket depending on whether you are sitting at the 20-yard line or the 50-yard line. Where does the PSL money come from? You the fans, that’s where. That PSL, by the way, is stapled on top of of whatever the ticket prices will be by the time this stadium opens, and we know Chargers tickets are not cheap now, and won’t be cheap by then.
The stadium naming rights could be worth another 50M, much more than the city and team get right now from Qualcomm. That money goes to Team Spanos also.
And of course, the team will get concessions, and skybox money to boot, again, money that comes out of your pocket.
We know the NFL is gifting the team 100M as their donation for staying in San Diego. And the NFL G-4 fund will loan them 200M.
And of course, the hotel tax will help fund the Stadium Authority, as well as the Convention Center annex itself.
So I ask this, because it has to be asked.
If you the fans are going to pay 200M in PSL taxes on a one time purchase, and the team gets naming rights money from sponsors, and keeps all the revenue from signage, tell me again what amount Team Spanos is paying out of their pocket, for this new stadium?
This all seems to be hidden somewhere in the hoopla of 16.5% tourism taxes on hotel rooms. Is it really a Chargers contribution, or a fans contribution, something like double taxation. I’m still looking for it in the fine print.
Should I be inquiring? Is it unfair? Or do we know the past history of the owner so that we need to ask this question now?
Just a question worth asking once you read between the lines