Q: Mark, what do you make of the news about the potential sale of AEG?
A: Speculation is a fun spectator sport; we all like to engage in it from time to time. But the truth is that no one today knows what the proposed AEG sale will mean. How long will the sale process take? Will the legendarily tough negotiator Phil Anschutz be satisfied with the price he is offered? Will the new owner have the will and the financial wherewithal to pay billions for AEG and then invest billions more in a downtown stadium? Will the new owner of AEG make a deal more favorable to the NFL than the one that Mr. Anschutz has offered? Today, there isn't a single person who knows the answers to these questions.
Q: Is the team making any progress in San Diego on new stadium plans?
A: We’ve made significant progress in 2012.
First, the new collective bargaining agreement between the NFL owners and players provides ten years of stability and a fund of $1.5 billion for stadium construction over the next decade. We would be entitled to at least $150 million of that fund here in San Diego – almost double what we would have gotten under the older collective bargaining agreement.
Second, a consensus has developed around town about the need to locate the new stadium downtown. Not only would a multi-purpose stadium/convention facility be the anchor for a new sports and entertainment district, but the relocation of those activities downtown would free up both the city-owned Qualcomm and Sports Arena sites for sale and development. This would generate significant new revenues that the city will never have access to as long as those two sites are occupied by aging and mostly vacant sports facilities.
Q: What can we expect to happen next on the downtown San Diego stadium front?
A: The next biggest development is going to be the November elections, when voters will select a new mayor of San Diego, along with other key elected officials around the county. We will be ready to begin work with these new elected leaders as soon as they are ready to turn their attention to the stadium.
We’re also watching the proposed Convention Center expansion closely. That plan faces some potentially high hurdles over the next few months, including a court battle over the legality of the tax used to pay for the expansion as well as a tough review by the California Coastal Commission.
Finally, we are working closely with key property owners around the proposed stadium site downtown to better integrate the proposed multi-use stadium with the existing Convention Center, Petco Park, and the new proposed sports and entertainment district.
