Report: Goldman Sachs offers to finance Chargers move to LA
SAN DIEGO — Goldman Sachs will finance the Chargers’ move from San Diego and also cover any losses sustained by the franchise in the first few years in Los Angeles, the Sports Business Journal reported Monday.
The investment banking firm will also pay for any renovations needed at a temporary playing facility, according to the article, which cited unnamed sources.
The Chargers have worked with Goldman Sachs for several years in their search for a new stadium. A company representative said last month that the firm was prepared to finance a proposed joint stadium for the Chargers and Oakland Raiders in the Los Angeles County suburb of Carson.
Asked for comment, Chargers special counsel Mark Fabiani told City News Service that Goldman Sachs has developed a workable financing plan for the $1.7 billion Carson stadium.
“But because we are in a hyper-competitive environment at this point regarding Los Angeles, we aren’t in a position to release the specifics of that plan except to say that it is modeled closely on the plan that Goldman Sachs developed for the 49ers and their new stadium in Santa Clara,” Fabiani said.
Goldman Sachs declined to comment.
The 49ers’ new stadium, in the heart of the Silicon Valley, was financed through the sale of personal seat licenses, which provide the purchaser with the right to buy season tickets later. A naming rights deal with Levi’s and advertising also paid for construction of the facility.
Fabiani said the vast size of the Los Angeles market makes such a plan work there, but not necessarily in San Diego.
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