The stadium deal involving San Jose State University and a revived San Jose Earthquakes is officially not going to happen, university executives told the San Jose Mercury News on Thursday, citing a dispute over how the school would be compensated for co-ownership of the stadium. SJSU President Don Kassing wanted a guaranteed $6 million per year for stadium-related revenue, but the paper reports that developer Lew Wolff, head of the stadium project that would bring the Earthquakes back to Major League Soccer, was only prepared to offer $1 million per year, plus a split of future revenues.
"They came to an agreement that the deal just wasn't going to work," the university's associate vice president for government and community relations told the Mercury News. Wolff didn't comment in the report, though his executives told local boosters in an email that they would find the Earthquakes another home. "While we are disappointed in the outcome, we are still very excited about our options in San Jose," the note said. It's uncertain where Wolff will turn next, though he's repeatedly said he has other options.
Kassing said Wolff's offer didn't adequately compensate the university for requiring the use of most of its 63-acre south campus for parking and practice fields. "We weren't able to get to a place where the financial return for university land would offset any negative impacts to what our students' needs are," a university spokesman said.
No comments yet.
