Rams Owner Kroenke Borrowing $1 Billion to Finance Stadium ProjectMonday, January 18, 2016
Los Angeles Rams owner Stan Kroenke is borrowing roughly $1 billion from JPMorgan Chase & Co. to finance his planned stadium project in Inglewood scheduled for a 2019 opening, according to SportsBusiness Daily.
The amount is one of the largest stadium loans ever extended by a financial institution.
The NFL has given the San Diego Chargers the option of joining Kroenke in Inglewood or working out new stadium arrangement in San Diego.
Rams President Kevin Demoff confirmed Kroenke is borrowing from the bank but declined to comment on the amount.
“The financial structure of the stadium will be sorted out as we move forward on the final arrangements in Inglewood, especially as it relates to the potential relationship with a second team,” Demoff wrote in an email to the publication.
The loan would be made to the new stadium’s operating company, not to Kroenke himself, according to the story. The deal would be a big win for JPMorgan as the lender has largely been shut out of the recent big stadium financings.
The Inglewood development, estimated to cost around $2.7 billion, would include NFL Network facilities and would be the most expensive sports venue ever built, surpassing by $1 billion such venues as New York’s MetLife Stadium, Atlanta’s forthcoming Mercedes-Benz Stadium and San Francisco’s Levi’s Stadium.
The Rams, meanwhile, received thousands of $100 refundable deposits Monday morning when the team launched WelcomeHomeRams.com that offered fans a chance to put their names on a waiting list for 2016-17 season tickets. The deposit placed fans on a waiting list, allowing them to buy tickets this spring before the general public.
The team said on its Twitter account that more than 5,000 deposits were sold in the first five minutes. Within about 45 minutes, more than 8,000 had been sold.