Teams with interest in moving to the Los Angeles market have long been eyeing the available property at Inglewood’s Hollywood Park. However, the asking price is currently sky high and that could be another roadblock for the Raiders, Rams, and Chargers as they consider a possible move to the country’s No. 2 media market. Jason Cole of Bleacher Report (Twitter links) hears that Terry Fancher of Stockbridge Capital has asked for $500MM+ for the valuable property. One source told Cole he asked for more than $600MM for the land at one point. That’s a steep price, especially when considering that he paid just $260MM for it in 2005.
Cole tweets that if the land is purchased for even ~$300MM, that has to be added to the cost of building a brand new stadium, which would likely cost $1.5 billion. Add in the relocation fee which could be as high as $500MM (link), and the Hollywood Park site becomes far less palatable than it appears to be on the surface. The Rams and Raiders have looked into HP, but the Chargers have yet to do so. The Raiders have circulated a proposal around the Inglewood area in hopes of getting financing for a stadium, but that is considered “iffy, at best,” according to Cole (Twitter links).
Meanwhile, Chargers exec Mark Fabiani tells Nick Canepa of U-T San Diego that while the club wants to stay in San Diego, it has been forced to remain open to other possibilities.
“For nearly 13 years now — a period in which San Diego has seen seven different mayors — the Chargers have explored every possible stadium issue locally, and we continue that work now with Mayor Faulconer,” Fabiani said. “At the same time, the Chargers are prepared to do whatever necessary to protect the 30 percent of the team’s local revenue that now comes from the Los Angeles and Orange County markets. “It would be economically devastating to the Chargers if one of those teams is allowed to return to the L.A. market while the Chargers are trapped in an aging and outmoded stadium in San Diego.”