St. Louis Rams And Arsenal Owner Stan Kroenke To Build NFL Stadium In Los Angeles.
Billionaire Stan Kroenke who made his money in real estate is the man behind a proposed National Football League (NFL) stadium in Los Angeles, the country's second largest media market. Stan Kroenke has majority stakes in NFL franchise St. Louis Rams, English Premier League club Arsenal, National Basketball Association's (NBA) Denver Nuggets and National Hockey League's (NHL) Colorado Avalanche.
The Rams were based in Los Angeles from 1946 to 1994. They moved to their present home at St. Louis, Missouri under a 30 year deal to play at the Edward Jones Dome. Under their current deal Rams could move back to Los Angeles if they have fail to reach an agreement to modernize the current facility which is outdated in the present NFL standards.
Presently L.A. does not have a team in the NFL. The present announcement is the latest of more than a dozen proposals that had been unsuccessfully put forward in the last two decade to bring NFL back to LA. Kroenke, who is known to move fast, bought land at Inglewood last year. That place was not big enough to build a whole stadium so now he has joined hands with real estate firm Stockbridge Capital Group, who own about 238 acre land around the proposed site. Together they should have enough land already with clearances from government agencies.
Building a stadium is a very costly proposition and the cost usually escalates to a billion dollars. The proposed project will have no tax payer's money involved. "This proposal doesn't ask for nor will ever be offered any public funds, so what you have here is a developer, Stan Kroenke, who has invested in Inglewood and we are glad to have him here", Inglewood Mayor James Butts said confirming the financial aspect of the proposed deal.
Most probably the NFL, which has a great deal of say about the movements of the teams will loan a part of the money if this proposal gathers traction. Kroenke, net worth $5.8 billion, is currently the second richest owner of a NFL team after Seattle's Paul Allen who is worth $17.1 billion dollars.
To contact the author of this article email a.biswas@IBTimes.com.au
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|Publication:||International Business Times - US ed.|
|Date:||Jan 7, 2015|
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