O.C. Stadium Investors Promise $500 Million

A Los Angeles private investment group that includes former USC football star Anthony Davis is promising to raise $500 million toward a football stadium at the El Toro Marine Corps Air Station, a long-shot bid to bring the NFL back to Orange County and perhaps block plans to develop an airport at the base.

The stadium proposal is the centerpiece of a massive base development that South County leaders are pushing as an alternative to building an international airport at El Toro, which is to close next year. But officials said the stadium is still viable even if an airport is built.

The Southern California Sports Group has been discussing the possibility of developing a stadium with Irvine city leaders for several months and outlined its proposal in a letter to Mayor Christina Shea last week.

The city is completing extensive background checks on the investors to determine whether they can raise the money, and if so, where the money would come from.

“Remember, $500 million is a lot of money. We have to make sure they are real,” said City Manager Paul Brady. “If they are, the council can move forward.”

The most recognizable partner is Davis, one of the most celebrated athletes ever to play for USC. He earned All-America honors in football and baseball for the Trojans. Donn Morey, the chief executive officer of the sports group, is a veteran Los Angeles land-use consultant. Walter Burrows, another member of the investment team, declined to comment on specifics of the proposed financing.

In its letter, the group said it would raise $500 million if Irvine agrees to give it exclusive rights to develop the stadium. The letter does not state where the money would come from or how many investors would be involved.

Several city officials and foes of the airport plan said the proposal represents a major boost for the stadium plan and gives their vision for the base new credibility.

“This shows that there is interest from private investors to build a stadium in Irvine without using taxpayer dollars,” said Councilman Dave Christensen.

Still, the proposal faces a variety of obstacles:

* Even if the investors can raise $500 million, the sum would only cover the costs of building the stadium.

* The 440-acre site is now owned by the federal government. The Department of Defense would have to convey the land to the city.

* The NFL is said by league sources to favor placing a stadium in Los Angeles County, where five separate proposals are on the table.

* An owner for the team must be found before the NFL would take the bid seriously. Irvine Mayor Christina Shea said she plans to recruit several local millionaires, including Irvine Co. Chairman Donald Bren.

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The financing proposal comes a month after top NFL officials toured the stadium site, which is on the far south end of the base near the San Diego Freeway.

The league is expected to award its next expansion franchise over the next year. Southern California, along with Houston and possibly Toronto, are considered leading candidates, but the new team probably won’t play until at least 2001.

“The NFL officials have told us that we have a beautiful site but they have also told us that we were running behind because we didn’t have financial backers,” Shea said. “But now we are moving forward aggressively to find an owner. We know that a team sinks or swims based on the ownership.”

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Times staff writers Bill Shaikin, T.J. Simers and Jean O. Pasco contributed to this story.