Recently, NFL owners approved relocating the St. Louis Rams to Los Angeles, where billionaire owner Stan Kroenke plans to build an impressive new stadium in Inglewood. Plans indicate that Kroenke will privately fund the entire construction. It promises to be one of the most impressive sports arenas in North America and perhaps the world.
The move was approved despite St. Louis lining up funding for their own stadium which included $400 million in public funds. Kroenke argued that any team that accepted this offer would be on the road to “financial ruin.” Before the move, the Rams were worth $1.4 billion, having gained 50% of value since Kroenke took full ownership control in 2010. This new move along with the stadium promises to at least double the value of the franchise.
The stadium will offer more than just a football field. It plans to have retail, dining, and other entertainment venues to attract people throughout the year. Owners were enamored with the idea of an “NFL Disneyland” in the entertainment empire of the world. This move will end a football drought in Los Angeles that lasted 21 years.
This new plan likely points to the future of all NFL stadiums, both in terms of function and of cost. Stadiums in New York, Dallas, and San Francisco have all topped $1 billion, but Kroenke’s is expected to be the first to top $2 billion. The idea of a mixed-use facility will likely be a template for other cities to follow. The Rams hope to attract other sporting events to their venue and hope this will be an engine that revitalizes a neglected portion of Los Angeles.
At Manion Stigger, we will be closely watching these developments to see if this plan comes together as intended. If you have questions about your own construction project, contact us today for an in-depth consultation.