DALLAS – The NFL team owners took another step Wednesday in making it easier for the San Diego Chargers to relocate to Los Angeles.
During their meeting in Houston, NFL owners decided to pass a debt waiver fee for the $650 million relocation fee the Chargers would pay should they move to LA, the Business Insider reported.
“League owners approved a waiver of the debt ceiling, allowing the Chargers to borrow a portion of that fee from a bank and pay it off over a longer period, say 30 years, as opposed to the original agreement of $65 million annually over 10 years. The debt ceiling for a team is $250 million,” the Los Angeles Times reported.
On Tuesday, four San Diego City Council members sent an offer to Chargers owner Dean Spanos to lease the land in Mission Valley for $1 annually for the next 99 years. Spanos had previously said he was not interested in that site.
San Diego residents voted against a ballot initiative in November to put public city funds toward a new stadium in downtown.
The team said they will not be making any decisions or discuss their future plans with the public until the end of the football season.
The Chargers, who have a record of 5-8, have three more games left in the 2016 season, two of which will be played at Qualcomm Stadium in Mission Valley.