Bob Iger, CEO of Disney, has agreed to serve as non-executive chairman of Carson Holdings LLC, a joint venture of the NFL's Oakland Raiders and San Diego Chargers working to build a new football stadium for the L.A. market.
Iger will continue as CEO of Disney. His work with Carson is contingent on NFL owners approving the stadium site in Carson, Calif., as the new home for the league in L.A. and could lead to him becoming an owner of one of the teams.
“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, who worked at ABC Sports early in his career and oversees Disney assets including ESPN and ABC. "LA 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 will be responsible for hiring the president of Carson Holdings, who will oversee the day-to-day work on the stadium project.
The agreement between 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.
Iger’s appointment as non-executive chairman of Carson Holdings will be for an initial term of five years, with an automatic two-year renewal option. His compensation as will be $1.00 annually.
Iger will have the option, subject to league approvals, to acquire a minority, non-controlling equity ownership interest in one of either the Raiders or Chargers. Iger has committed not to exercise his option until he departs his role as Disney’s chairman and CEO.