SAN DIEGO -- Billionaire Philip Anschutz has agreed to finance the building of a Los Angeles football stadium as long as four conditions are fulfilled, according to the Los Angeles Business Journal.

The San Diego Chargers have been mentioned as a candidate to move to Los Angeles, where the newspaper reported Tuesday that financier Anschutz has agreed to fund a new $1 billion stadium if conditions are met.

Two prerequisites are for an NFL team to agree to move to Los Angeles, and for the league to approve of the relocation, according to the Los Angeles Business Journal.

Anschutz, the owner of Anschutz Entertainment Group, also wants the Los Angeles City Council to quickly approve and provide bond money for the demolition of the West Hall of the Los Angeles Convention Center, where his stadium would be located, and have deals in place for corporate naming rights and other sponsorships.

The stadium in Los Angeles would not be ready for a tenant before 2015.

In December, it was erroneously reported that Anschutz had agreed to purchase a one-third stake in the Chargers that was put up for sale by owner Alex Spanos, who is positioning his estate for a tax considerations upon his death.

As for the San Diego Chargers and the possible construction of a new downtown stadium, a spokesman for San Diego Mayor Jerry Sanders said Tuesday he expects progress to be made this year.

No fatal flaws have been found at the proposed site near Petco Park, according to mayoral spokesman Darren Pudgil.

The site seems to be "the most feasible at this time,'' Pudgil said.

The Chargers have been trying to get a new facility to replace Qualcomm Stadium, their home since 1967, for most of the past decade, and the downtown location is considered to be the last good chance.

"As far as when a proposal will be made, we're still a ways away,'' Pudgil said.

Pudgil said city officials hope to put a ballot measure before voters next year.

 

Then-Gov. Arnold Schwarzenegger signed a bill into law last year that would allow San Diego's downtown redevelopment agency to raise more money, which presumably could be applied toward the stadium project.