Chargers Pay To End San Diego Stadium Lease
Thursday, February 2, 2017
Credit: Associated Press
The Chargers wired San Diego just over 12 and a half million dollars this week, officially terminating the team's lease with the city.
The Los Angeles Chargers officially ended their relationship with San Diego this week, sending the city a $12.57 million payment to terminate the team's lease on Qualcomm Stadium and the Murphy Canyon practice facility.
Dean Spanos announced its intention to move the team to Los Angeles in January and the lease termination payment is one of the final steps of that move.
The team can still use the facilities through June.
City council member Mark Kersey said the money should be used to pay off the cost of upgrades to Qualcomm Stadium and the Murphy Canyon practice facility.
"It's not revenue that we were expecting when we crafted the budget this year. So, it's something right now that's put into an interest-bearing account," Kersey said.
The city still owes just over $38.4 million for the upgrades. San Diego has to pay $4.7 million a year in principle and interest payments. The debt can be paid off after 2020, according to Kersey.
"At least for the next three years, we're on the hook for at least making the normal payments. And after that point, if we wanted to, we could pay it off in its entirety," Kersey said.
The money is being put into an interest-bearing account until city officials determine what to do with it.
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