As the NFL offseason draws nearer, NFL ownership on Wednesday took an important step in the process of helping the San Diego Chargers move to Los Angeles.
At a meeting in Houston, NFL owners agreed to pass a debt waiver fee for the $650 million relocation fee the Chargers would need to pay if they decide to relocate. As the LA Times explained:
“League owners approved a waiver of the debt ceiling, allowing the Chargers to borrow a portion of that fee from a bank and pay it off over a longer period, say 30 years, as opposed to the original agreement of $65 million annually over 10 years.
The debt ceiling for a team is $250 million.”
This is a big step, as will make the $650 million fee far more manageable from the perspective of Chargers’ owner Dean Spanos. And after San Diego residents voted against a ballot initiative in November to put public city funds toward a new stadium, Spanos has few options but to move his team up the coast.
Right now it seems that the Chargers have three games left as San Diego’s team. All the pieces are starting to fall into place.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.