NFL owners agree to loan LA Rams another $500m for SoFi Stadium construction

The future of the NFL remains uncertain for now due to the ongoing coronavirus pandemic in the USA. The MLB, NBA and NFL remain suspended for now as COVID-19 cases continue to rise across the US. As of May 20, a total of 1.56m US citizens have been infected by the virus with over than 92,000 deaths. Amid this crisis, NFL owners recently met to discuss the situation regarding the Los Angeles Rams Stadium funding. The LA-based franchise was running low on funds required to complete the construction of the state-of-the-art SoFi Stadium in the city of Inglewood. NFL owners met earlier this week to discuss whether the league should give the go-ahead to the Rams Stadium funding appeal. The association confirmed that league franchise owners agreed to loan $500 million to the Rams in order to complete the construction of the new SoFi Stadium. Also Read | NFL owners and Rams officials still hoping for guests at SoFi Stadium opening party Aerial shots of SoFi Stadium in Los Angeles Aerial shots of @SoFiStadium taken today. New home of the @NFL’s @RamsNFL & @Chargers. 📸 by @SkyrisNW pic.twitter.com/atXCGn5Zmv — SportsBusinessRadio (@SBRadio) May 17, 2020 Also Read | Rams Stadium funding: Crane collapses outside SoFi Stadium in Southern California NFL owners agree to loan LA Rams another $500m for SoFi Stadium construction Two years ago, NFL owners agreed to lend a record-debt of $2.25 billion for the construction of the SoFi stadium that will soon become the permanent home of the Los Angeles Rams and the Los Angeles Chargers. However, the current coronavirus situation has resulted in a lack of demand for personal seat licenses, which grant holders the ability to then purchase season tickets. This has forced the Rams to demand an additional loan amount from the NFL owners in order to finish the work on the stadium. Reports in LA Times state, "The additional $500 million in stadium financing is believed to be a combination of a private loan to Rams owner Stan Kroenke and an increased debt limit on the team. Pending approval from fellow owners, Kroenke also would have more time to pay back the loan." Also Read | LA Bowl Will Welcome Pac-12, Mountain West To SoFi Stadium SoFi Stadium worth The SoFi Stadium worth is valued at a reported $4.9 billion. It is all set to be the home to LA Rams and LA Chargers as and when the NFL season is given the green light to commence. The Stan Kroenke-owned franchise have pumped close to $4.963 billion in the construction of the iconic stadium which is rumoured to be a class apart from stadiums across the globe. The SoFi stadium will seat up to 70,240 spectators, with the ability to expand it with 30,000 additional seats for larger events. Also Read | Cowboys owner Jerry Jones offered contract to LeBron James to play in the NFL SoFi Stadium The build up. 2020 schedule drops at 4:30 PM PT. Who do you think we'll open @SoFiStadium with? pic.twitter.com/WKYEIK9D7T — Los Angeles Rams (@RamsNFL) May 7, 2020 Also Read | NFL teams can reopen training facilities with government OK

Advertisement

NFL owners agree to loan LA Rams another $500m for SoFi Stadium construction

The NFL owners association have agreed to loan the LA Rams another $500m in order to complete the construction of their brand new stadium in Los Angeles.

Advertisement