Los Angeles Rams have received a loan of $500 million from NFL owners it has been revealed by Sky Sports. It is thought the money will be used for the new Sofi Stadium in California.
The loan was approved on Tuesday at a virtual meeting. It is thought an extended period will be allowed to repay the loan. The stadium is set to have been overrun, meaning obviously more money is required. Hence, why the Rams applied for the loan. It’s also reported a lack of seat sales revenue could also be the issue, with the Los Angeles Chargers who are co tenants.
Sky Sports report that the Rams had already borrowed over $400 million from the NFL for the stadium. The cost of the stadium has risen to over $5 billion which is almost doubling what originally was the budget for the stadium. The stadium was due to open this summer for some events such as concerts, however owing to the Covid 19 these events have either been put back or postponed.
The Los Angeles Rams are due to be in NFL action on September 13th. It will be their first home fixture at the Sofi Stadium. This of course could be pushed back if the current pandemic rumbles on. Currently, strict social distancing and band on public gatherings are in place in Los Angeles County and California.
Stan Kroenke is the owner of the Los Angeles and is also owner of Premier League side Arsenal as well as the Denver Nuggets and numerous other sports teams, agreed to Co tenant the Los Angeles Chargers at the Sofi Stadium as part of the agreement to move Rams from St Louis to Los Angeles and the Chargers from San Diego to Los Angeles.