San Diego State is being asked by a group of investors to put up half the cost to renovate the Qualcomm Stadium site. The $100 million expense may sound pricey for the school, but the school would he handed the keys to the stadium after five years.
New stadium renderings for the proposed renovation plan for Qualcomm Stadium site were recently released in San Diego as the work to reshape the stadium and surrounding area moves forward after losing the NFL’s Chargers to Los Angeles. San Diego State still has two years remaining on its lease with Qualcomm Stadium and the university has made it clear it is working to hash out a long-term future for the football program. The most popular idea has been to partner in a plan to construct a 30,000-seat stadium that could also host Major League Soccer.
According to a report from CBS 8 in San Diego, the total cost of the proposed renovation that includes a stadium overhaul and development of shops, restaurants, bars and housing for San Diego State students, is $200 million. FS Investors is asking the university to put up $100 million to help with the upfront cost of the project, and after five years the firm would hand over the keys to the stadium. That would allow San Diego State to own the stadium and manage it and anything that occurs in it. While that does put a burden on the budget for San Diego State, what needs to be determined is if San Diego State can turn a profit running the stadium after retaining ownership of it.
Between MLS games and live entertainment that could be hosted in the stadium, it seems San Diego State may be able to keep the budget in the black, and if that is the case then this may turn out to be a good deal for the university, even if it takes a few years to recoup its $100 million investment.