LOS ANGELES (CBSLA.com) — The Chargers announced Friday they will remain in San Diego for the 2016 NFL season and continue working towards a new stadium in that city.

The team reached an agreement in principle to share a new stadium with the Rams in Inglewood, but Chargers chairman Dean Spanos says “my focus is on San Diego.”

READ MORE: Newsom, Lawmakers Reach Deal To Reopen Schools; LAUSD Hopes To Bring Back Students By Mid-April

“This has been our home for 55 years, and I want to keep the team here and provide the world-class stadium experience you deserve,” said Spanos in a statement.

ESPN reported that Commissioner Roger Goodell along with NFL ownership “have committed $300 million to assist in building a new stadium in San Diego.”

The report come on the heels of a statement by Chargers team chairman Dean Spanos saying, “Everyone on both sides of the table in San Diego must now determine the best next steps and how to deploy the additional resources provided by the NFL.”

Any agreement with the Rams would be seen as a strong indicator that the Chargers will ultimately move to Los Angeles – unless the deal was being made to help shape future negotiations with San Diego officials in the event Spanos decides to give the franchise’s home of 55 years another try.

The Chargers have until next January to exercise their option to move.

MORE NEWS: OC Officials Believe They Could Reach All Metrics This Week To Move Towards Less Restrictive Red Tier

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)