It’s Official: Chargers Stay … for now

The San Diego Chargers website has some more information about a possible stadium and some of the terms. All the local news outlets have coverage, but we’ll provide something from the North County Times:

The San Diego City Council approved an agreement on Monday between the city and the Chargers to restructure the team’s lease at Qualcomm Stadium and end a lawsuit filed by the franchise.

The deal ensures the Chargers will stay in San Diego through the 2008 season and eliminates the controversial “ticket guarantee” clause in the team’s 1995 stadium lease.
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The attendance guarantee has cost the city more than $36 million since going into effect in 1997.

The panel voted 7-1 to accept the settlement. Councilwoman Toni Atkins was excused from the meeting to attend a conference on the East Coast.
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Councilwoman Donna Frye (said) … I believe we can do better”

The agreement, outlined by Murphy two weeks ago, does not include an agreement on a new stadium, but provides for the city and Chargers to meet to consider long-term stadium options.
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Under the plan, the Chargers will be assessed a $56.2 million termination fee if the team leaves at the end of the 2008 season, and lesser amounts in ensuing years. The money would be used to pay off outstanding city bonds for a 1997 renovation and expansion at Qualcomm Stadium.

Previously on SDB: Chargers Stay Till 2008 (or so) and LAist and The Chargers.