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.
See what else Bob Iger has been up to this past year:
Disney CEO Bob Iger
Disney CEO Bob Iger to lead LA-area NFL stadium project
SAN FRANCISCO, CA - OCTOBER 06: Walt Disney Company Chairman and CEO Bob Iger speaks onstage during 'North Meets SouthÂBridging Silicon Valley and Hollywood' at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 6, 2015 in San Francisco, California. (Photo by Michael Kovac/Getty Images for Vanity Fair)
LOS ANGELES, CA - NOVEMBER 07: LACMA Trustee Willow Bay (L) and the Walt Disney Company chairman and chief executive officer Bob Iger attend the LACMA Art + Film Gala honoring Alejandro G. IÃ±Ã¡rritu and James Turrell and presented by Gucci at LACMA on November 7, 2015 in Los Angeles, California. (Photo by David Livingston/Getty Images)
HOLLYWOOD, CA - OCTOBER 12: Television host Kelly Ripa and Bob Iger pose with her star on the Hollywood Walk of Fame on October 12, 2015 in Hollywood, California. (Photo by Mark Davis/Getty Images)
SAN FRANCISCO, CA - OCTOBER 06: (L-R) Willow Bay, Walt Disney Company Chairman and CEO Bob Iger and filmmaker George Lucas attend the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 6, 2015 in San Francisco, California. (Photo by Michael Kovac/Getty Images for Vanity Fair)
Robert 'Bob' Iger, chairman and chief executive officer of Walt Disney Co., left, and his wife Willow Bay, arrive at a state dinner in honor of Chinese President Xi Jinping at the White House in Washington, D.C., U.S., on Friday, Sept. 25, 2015. The U.S. and China announced agreement on broad anti-hacking principles aimed at stopping the theft of corporate trade secrets though President Barack Obama pointedly said he has not ruled out invoking sanctions for violators. Photographer: Andrew Harrer/Bloomberg via Getty Images
ANAHEIM, CA - AUGUST 15: The Walt Disney Company Chairman and CEO Bob Iger took part today in 'Worlds, Galaxies, and Universes: Live Action at The Walt Disney Studios' presentation at Disney's D23 EXPO 2015 in Anaheim, Calif. (Photo by Jesse Grant/Getty Images for Disney)
ANAHEIM, CA - AUGUST 15: (L-R) The Walt Disney Company Chairman and CEO Bob Iger and actor Harrison Ford and director J.J. Abrams of STAR WARS: THE FORCE AWAKENS took part today in 'Worlds, Galaxies, and Universes: Live Action at The Walt Disney Studios' presentation at Disney's D23 EXPO 2015 in Anaheim, Calif. (Photo by Alberto E. Rodriguez/Getty Images for Disney)
Walt Disney Company chairman and CEO Bob Iger speaks about the new Shanghai Disney Resort during a press event in Shanghai on July 15, 2015. US entertainment giant Disney gave the first detailed preview to the media for its planned theme park in Shanghai, promising Chinese features and new attractions unlike its five other resorts, executives said. AFP PHOTO / JOHANNES EISELE (Photo credit should read JOHANNES EISELE/AFP/Getty Images)
Robert 'Bob' Iger, chief executive officer of The Walt Disney Co., speaks during the annual Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 27, 2015. The conference brings together hundreds of chief executive officers, senior government officials and leading figures in the global capital markets for discussions on social, political and economic challenges. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
HOLLYWOOD, CA - MARCH 01: (L-R) Chairman and chief executive officer of The Walt Disney Company Bob Iger, actress Lily James and Chairman of The Walt Disney Studios, Alan Horn attend the premiere of Disney's 'Cinderella' at the El Capitan Theatre on March 1, 2015 in Hollywood, California. (Photo by Kevin Winter/Getty Images)
HOLLYWOOD, CA - FEBRUARY 22: Chairman and Chief Executive Officer of The Walt Disney Company Bob Iger (R) and TV personality Willow Bay attend the 87th Annual Academy Awards at Hollywood & Highland Center on February 22, 2015 in Hollywood, California. (Photo by Kevork Djansezian/Getty Images)
LOS ANGELES, CA - May 2: Actor Billy Crystal and Disney CEO Bob Iger attend Game Seven of the Western Conference Quarterfinals during the 2015 NBA Playoffs on May 2, 2015 at Staples Center in Los Angeles, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2015 NBAE (Photo by Andrew D. Bernstein/NBAE via Getty Images)
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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.