Irvine Evaluating NFL Stadium Proposal

Irvine officials said Tuesday that they are finishing an extensive review of an investment group’s proposal to build a $500-million football stadium at the El Toro Marine base.

The City Council discussed the issue Tuesday but didn’t decide whether to accept the offer from the Los Angeles group or seek proposals from other organizations interested in building the stadium.

Representatives from a Canadian venture-capital firm are scheduled to arrive in Irvine this week for meetings with city officials about possibly financing the proposed stadium. International Business Corp., based in British Columbia, sent a letter of interest to City Manager Paul Brady this month but has not made a formal proposal.

The only solid plan on the table is from the Southern California Sports Group, three partners who have told Irvine officials that they can raise $500 million to build the stadium if the city gives them exclusive development rights.

The group consists of Donn F. Morey, a Santa Monica land-use consultant, Anthony Davis, the legendary USC football player, and Walter Burrows, an Irvine real estate financial consultant.

The $500 million is expected to pay for the stadium itself. Another $500 million would be needed to lure a team, recruit players and coaches and pay for publicity and other expenses. The federal government would have to convey the land, about 440 acres, to the city for the stadium plan to have a chance.

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

The Irvine site is considered a long shot. It is competing against a proposed stadium at the Los Angeles Coliseum backed by Mayor Richard Riordan, a Carson site being developed by Hollywood mogul Michael Ovitz and three other Los Angeles-area sites.

Top NFL officials toured the El Toro site and several in Los Angeles this spring but have declined to say which one they prefer.