Monday, April 20, 2015 - NEWS RELEASE
San Diego - Today the City of San Diego announced that it has hired investment banker Citigroup and law firm Nixon Peabody to assist with developing possible financing options and related development for a potential new stadium for the Chargers.
Both firms have extensive experience with professional sports facilities throughout the country, including several NFL stadiums.
"The hiring of nationally recognized experts is another positive step toward creating a real and responsible stadium plan. These experts in finance and negotiation will help make sure taxpayers get a fair deal," said Mayor Kevin L. Faulconer. "They have a proven track record of getting NFL stadiums done and will ensure that the financing plan we put together in San Diego is rock solid. We're making progress toward a real solution that can garner broad public support."
New York-based Citigroup has strong experience and qualifications in the development and execution of both public and private financing plans for stadiums, ballparks and arenas. Recent projects that Citigroup has helped finance include the new Atlanta Falcons stadium, MetLife Stadium (New York Giants/Jets), Citi Field (New York Mets) and the Amway Center (Orlando Magic). Each of the New York projects included stadium revenue pledges - including naming rights, premium seating, advertising and sponsorships - that are under consideration in San Diego.
International law firm Nixon Peabody has provided advice on more than 25 professional sports facilities, including 12 NFL stadiums. Those include Levi's Stadium (San Francisco 49ers), AT&T Stadium (Dallas Cowboys), MetLife Stadium (New York Giants/Jets), Lincoln Financial Field (Philadelphia Eagles), Lucas Oil Stadium (Indianapolis Colts), Ford Field (Detroit Lions), Paul Brown Stadium (Cincinnati Bengals) and Gillette Stadium (New England Patriots).
"I'm delighted with the choice of Nixon Peabody and Citigroup," said County Supervisor Ron Roberts. "The partnership brings the creativity, tenacity, insight and financial knowledge necessary to guide us in the preparation of a reasonable stadium funding proposal."
City Attorney Jan Goldsmith said, "The number of experts who have actually negotiated and arranged for financing NFL stadiums is limited. We now have on our side of the table some of the most experienced to help ensure that we do things right and present voters with the best possible deal."
Earlier this month, the City Council and the County Board of Supervisors each unanimously approved a partnership between the City and County to work collaboratively and share consultant costs for a potential new stadium for the Chargers.
The City and County will each pay half the costs for the retention of consultants, attorneys and other experts in stadium financing and development matters. Under the agreement, the City and the County shall each not contribute a total of more than $250,000.
Mayor Faulconer had previously appointed a nine-member group of civic leaders - the Citizens' Stadium Advisory Group - to advise him on the best location for a new stadium and how to pay for it. The group recently recommended the current Qualcomm Stadium site in Mission Valley as the best location and plans to release a proposed financing framework in May.
Citigroup and Nixon Peabody will help vet those proposed financing options and provide specialized expertise in future stadium negotiations.
Nixon-Peabody was selected following interviews conducted by City and County staff, the City Attorney's Office and the Office of County Counsel. Citigroup was selected following the City's request-for-proposals for an investment banker to validate any financing options included in a stadium plan.
CONTACT: Craig Gustafson at (619) 453-9880 or [email protected]