On August 13, 1996, the San Diego City Council approved a $225 million construction plan for a new ballpark to replace the aging Jack Murphy Stadium. The hope was that a new downtown ballpark would revitalize the surrounding area and help to bring more people and businesses back to downtown San Diego. The city agreed to sell 10 acres of land to the Padres for $10, and the team agreed to pay for the construction of the ballpark.
Construction on Petco Park began on February 1, 1999, and was completed in time for the start of the 2004 season. The Padres played their first game at Petco Park on April 8, 2004, against the San Francisco Giants.
To help offset the cost of construction, the Padres signed a 20-year naming rights deal with Petco Animal Supplies, Inc. in September 2003. The agreement called for Petco to pay $60 million over 20 years, with an option to extend the agreement for an additional five years.
In total, the Padres have paid just over $500 million for their new ballpark. Of that total, $340 million came from private sources, with the team paying $155 million and Petco paying $60 million. The remaining $160 million came from public sources, with the city of San Diego selling 10 acres of land to the team for $10 and agreeing to lease another 27 acres of land to the team for $1 per year.
