Walt Disney chairman and CEO Bob Iger will become chairman of the entity behind the San Diego Chargers' and Oakland Raiders' bid to build a stadium in Carson, Calif.
Iger, 64, who will remain Disney chairman and CEO, has agreed to serve as non-executive chair of Carson Holdings, the Raiders and Chargers joint venture said Wednesday. He will oversee all of the venture's major initiatives, including stadium design, naming rights and fan experience. He would also be responsible for hiring a president for Carson Holdings, which is also in charge of guiding construction and operation of the facility.
Iger's work on behalf of Carson Holdings "is contingent upon the National Football League owners approving the proposed L.A. stadium site at Carson as the new home of the NFL in Los Angeles," it said. "Mr. Iger will continue to serve as chairman and CEO of the Walt Disney Company under the terms of his contract. The agreement between Mr. Iger and Carson Holdings makes clear that Mr. Iger will not be required to provide services to Carson Holdings, which conflict with his Disney duties and obligations."
His appointment is for an initial term of five years, with an automatic two-year renewal option. Iger's annual compensation will be $1.
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"Should the owners approve the move, Los Angeles will proudly welcome two incredible teams to our community and build a stadium worthy of their fans," said Iger. "L.A. football fans will enjoy unprecedented access to games during the season, in a state of the art stadium designed to deliver the most entertaining, exciting and enjoyable experience possible."
Iger also will have a window, during which he can buy a minority stake in either the Chargers or Raiders. "Iger has committed not to exercise his option until he departs his role as Disney's chairman and CEO," Carson Holdings said. NFL rules would prohibit him from owning a stake in both teams.
The Carson City Council earlier this year voted 3-0 in favor of plans to help bring pro football back to the country's second-biggest media market.
The Los Angeles area has been going through a two-decade drought without a team in the market. Carson is a suburb south of L.A. that is also home to the L.A. Galaxy's StubHub Center. The project, which would see the two NFL franchises share the venue, is one of two proposed stadiums in the area. St. Louis Rams owner Stan Kroenke is part of a group planning to build an 80,000-seat stadium in Inglewood, about 10 miles from downtown L.A.