Goldman Sachs’ backing of a Chargers move to the Los Angeles area will go beyond the potential building of a new stadium.
The investment bank will cover the team’s operating losses with in the first few years and renovations to a temporary venue, if needed, team special counsel Mark Fabiani confirmed to NBC 7 Monday.
The Chargers announced a plan last month to build a joint, $1.7 billion stadium with longtime rivals the Raiders in Carson if both teams cannot find stadium solutions within their home markets.
But before a new project can be finished, the Chargers expect to be temporarily homeless, possibly playing in either the Los Angeles Memorial Coliseum or the Rose Bowl Stadium for a time, the Sports Business Journal reported. Goldman Sachs would help the team cover any renovations required on those venues.
“With respect to Goldman Sachs, the investment bank has been working with the team for many years,” Fabiani said in an email. “If the team decides ultimately to relocate to Los Angeles, because we cannot find a solution in San Diego, we are confident that Goldman Sachs can successfully put all of the necessary financing in place.”
During the plan’s announcement on Feb. 20, Tim Romer, managing director of Goldman Sachs, said the financing model will follow that of the Levi’s Stadium in Santa Clara -- also backed by the company. No taxes or city general funds will go toward the project; it will rely solely upon revenue the stadium generates.
“We’re committed to helping to get this done,” Romer said at the time.
The news comes as San Diego’s stadium advisory group heard from avid fans trying to keep the team local. The group held a public forum, where hundreds stepped up to a microphone to say where they’d like to see a new San Diego stadium and how they’d like it funded.