Rams’ Owner Plans To Borrow $1 Billion For His New $2 Billion-Plus Inglewood Stadium
I hate it when friends call and ask to borrow $1 billion. "When would I get it back?" (Run into guy at 7-Eleven): "Hey, what about that billion? It's been three months." That's what Los Angeles Rams owner Stan Kroenke is going to do in order to fund his new stadium in Inglewood, which, if things go as expected, could get the OK for construction to begin in as little as two weeks.
According to the Los Angeles Times, Kroenke will borrow about $1 billion from JP Morgan Chase & Co. to help fund the Inglewood stadium, which could cost altogether nearly $3 billion.
Guessing he's going to need two forms of ID.
That would make it the most expensive stadium in the NFL: surpassing Met Life Stadium in New Jersey, at $1.8 billion. LA Times:
Marc Ganis, president and founder of a Chicago-based sports business consulting firm, said the pending loan could be one of the largest ever taken out by a team to help finance a stadium project.
Even though Forbes estimates Kroenke's net worth at $7.4 billion — his holdings include several professional sports teams and enough real estate to make him one of the country's largest landowners — the loan isn't unusual in these circumstances.
Other things you need to know about the proposed stadium:
* There's already a real estate boom happening in the area around the stadium site, where currently there are a lot of strip malls and automotive shops.
One real estate agent spent months waiting for a good offer on an empty retail space on La Brea; in the post-announcement week alone, he got six. Agents are making the stadium connection in listings already, with teasers like "Within blocks of the new stadium development."
* The Rams can't sell personal seat licenses for the new stadium until February 2017, unless the Chargers come on board, agreeing to share the stadium. The Chargers have a one-year option to decide. But according to the NFL Network, the Rams and Chargers already have "a framework of a deal" in place. "The Chargers are vetting it now and barring anything unforeseen, plan on going to LA."
Magic has his fingers crossed.
Next week I'll be calling Rams owner Stan Kroenke to ask him if I can buy a suite in the new stadium!
— Earvin Magic Johnson (@MagicJohnson) January 13, 2016
* Jonathan Kraft called the stadium "an NFL Disneyland, because of all the things that are gonna go on around it."
* The stadium will have a 120-yard, 50-foot tall videoboard -- roughly twice as large as the one in Jerry Jones' AT&T Stadium, according to SportsBusiness Journal. It will be called Oculus. “It’s an immersive experience,” HKS associate principal & senior vice president Andy Henning said. “You will feel like you’re sitting in the videoboard itself.”
* It's projected to open in 2019. But where would the Rams play until then?
Rams will play street ball in that big parking lot by the Forum till stadium is done. Jeans are fine.
— Kenny Mayne (@Kenny_Mayne) January 13, 2016
More likely: NFL Media said that it would likely be the Los Angeles Memorial Coliseum, where USC plays its home games. USC said it is eager to cooperate.
* The stadium will have a food hall that is open year-round, and three nightclubs. There will be 70,250 fixed seats, an estimated 250 suites and 15,000-20,000 club seats and loge boxes. These numbers could change if the Chargers decide to move in.
* Did the Rams release a uniform spoiler?
Mock-up for Rams' new stadium shows blue/white end zones. Foreshadowing..? pic.twitter.com/jDy7g9hpMf
— Paul Lukas (@UniWatch) January 13, 2016
More stadium renderings below:
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