Owners approve lending Rams another $500 million for stadium
NFL owners approved the Rams’ request for another $500 million loan for SoFi Stadium development, Daniel Kaplan of TheAthletic.com reports.
The loan is on top of the $400 million the Rams already borrowed from the league’s stadium lending program. The team also requested to pay the loan back over 30 years rather than the typical 15 years.
Cost overruns and slower than expected personal seat license sales played into the request, according to Kaplan. Also, all teams anticipate lost ticket revenue this season.
The price tag of the stadium, which the Chargers will share, was $2.2 billion when owners approved the Rams’ Inglewood, California, proposal in January 2016. The estimated final cost of the stadium, which includes a retail and entertainment district, has ballooned to somewhere between $5 billion and $6 billion, according to Kaplan.
Allegiant Stadium in Las Vegas, which also remains under construction, is the second-most expensive stadium in league history at $1.9 billion.
fSoFi Stadium is scheduled to open this summer, but it remains to be seen how the COVID-19 pandemic will affect that.