The Chargers are staying in San Diego for the 2016 season while trying to eye a stadium deal with the city, team owner Dean Spanos announced on Friday.

The Chargers' announcement comes after the team reached an agreement to share a proposed stadium in Inglewood with the Los Angeles Rams. The Chargers have until January 2017 to decide whether they intend to relocate to L.A. or stay in San Diego.

Read Spanos' statement below: