Most expected an exorbitant price tag for the Los Angeles Rams' new stadium in Inglewood, California. Daniel Kaplan of SportsBusiness Journal reported team owner Stan Kroenke will borrow $1 billion from JPMorgan Chase for the stadium's construction.
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Inglewood Stadium on Pace to Be Most Expensive Ever
Monday, Jan. 18
Kroenke's loan may not even cover half the amount necessary to build the stadium. According to Scott M. Reid of the Orange County Register, Rams officials informed the league the cost could soar to $2.66 billion. MetLife Stadium in East Rutherford, New Jersey, cost $1.6 billion to build, making it the most expensive stadium in the United States to date.
NFL Media's Rand Getlin posted some of the artist renderings of the Rams' Inglewood stadium:
Rand Getlin @Rand_Getlin
The renderings for the new Los Angeles Rams stadium are beautiful. https://t.co/mgEMVgSSdW2016-1-13 19:21:11
According to the SportsBusiness Journal's Don Muret, the stadium will boast a 120-yard videoboard titled the "Oculus." The venue is tentatively planning to have 70,250 fixed seats, which includes roughly 20,000 club seats and loges.
Unlike most American stadiums, Kroenke isn't relying heavily on taxpayer money to finance his venture. Neil DeMause of Vice Sports reported the city of Inglewood will funnel $180 million in future sales taxes.
"It's one of the most public-friendly deals ever," said DeMause, per Lindsay Gibbs of Think Progress. "It's good to see for once when you have team owners trying to shake down various cities for money, the option that won was the option that stuck the public with the bill the least. That's a reason to cheer."
As Ian Gordon of Mother Jones noted, the city of St. Louis is still on the hook financially for the Edward Jones Dome even after the Rams left town:
Ian Gordon @id_gordon
Stop using public funds to finance sports stadiums, St. Louis edition: https://t.co/oCaOBBGFdS https://t.co/Nf4AbwluRS2016-1-13 22:02:48
The Inglewood stadium isn't expected to be completed until 2019. CBS Sports' Jason La Canfora reported USC will let the Rams play in the Los Angeles Memorial Coliseum in the meantime.
The Rams' arrival coincides with the school's plans to invest $270 million in the L.A. Coliseum to fund necessary renovations and upgrades. The renovations are set to wrap up in time for the Trojans' 2019 home opener, which is when the Rams would be moving into their permanent home.