OCEANSIDE -- More and more, it appears less and less likely that the Chargers will be coming to Oceanside.

The latest indication: Preliminary results of a study commissioned by the San Diego Chargers show that a 70-plus acre site off Interstate 5 in Oceanside can't hold a new football stadium and still squeeze in the accompanying office space, shops, restaurants and parking envisioned for the area, a team spokesman said Friday.

The study also shows that the proposed high-end office space wouldn't generate the immediate cash flow that the team had hoped would pay for the $700 million facility, said the spokesman, Chargers lead negotiator Mark Fabiani.

City officials and Fabiani said the report means that for the Chargers to end up in Oceanside, other options for financing and designing the stadium would have to be explored. But both sides gave little indication that they would be willing to kick in the money to make that happen.

The Chargers have said they plan to leave aging Qualcomm Stadium within the next decade for a state-of-the-art facility that could raise millions of dollars annually for the team.

Team officials say they plan to finance the stadium with private development and that they are seriously looking at properties in Oceanside and Chula Vista as possible sites for the project.

The study of the Oceanside property contrasts sharply with a report released by the Chargers earlier this month that found that two properties in Chula Vista -- a 130-acre site in the Otay Ranch neighborhood and a 138-acre property on the San Diego Bay -- would both work well for a new stadium.

Oceanside City Manager Peter Weiss said Friday that the new study shows the Chargers face some stiff financial challenges with the Oceanside site, a city-owned parcel near Interstate 5 and Oceanside Boulevard that is now home to the Center City Golf Course.

"Based on the preliminary results that I've seen in the study, I have reservations that this is financially feasible as a privately financed enterprise," Weiss said.

However, Weiss and Fabiani also said that the city wanted the company that conducted the study -- Orange County-based GCI Advisors -- to revisit some of its assumptions. Weiss said those assumptions include where development can occur on the property and the height and square footage of the proposed office space. Fabiani said the firm will also revisit how long it would take to rent the offices and the rates that could be charged for the spaces.

Oceanside City Attorney John Mullen said that the final report will be given to council members during a closed session before Wednesday's council meeting.

He added that if the Chargers are interested in the Oceanside site, they need to come up with a development plan that they think is economically feasible.

Fabiani said that the Oceanside City Council must also decide if it is willing to consider other options for a stadium project, such as whether a different mix of development would work, whether the site could be expanded and whether Oceanside might partner with other cities in the region, such as the city of San Diego, to help get the project over the top financially.

Another option, he said, is to look at a different parking setup for the stadium.

"The office idea in part originated from the need for parking on the site," Fabiani said. "Would there be interest in a different type of site that would rely on parking in the area and mass transit?"

Mayor Jim Wood said Friday that if the Chargers want to be in Oceanside, the team has some time to work out solutions -- but not much time.

"To go forward in Oceanside, they have to be on the ballot by 2008," he said. "So there has to be a decision with us or someone else pretty darn soon. I'm willing to look at options with the understanding that it's good for Oceanside and its citizens."

He said that based on the Oceanside study's findings, "if we're not moving in a positive direction, I think we'll have to make a decision that's pretty final."

Contact staff writer Marga Kellogg at (760) 901-4067 or mkellogg@nctimes.com.