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OT Update: Rams want $500M more to borrow for stadium
Posted on: May 14, 2020 at 18:44:56 CT
North co-co champs MU
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After hypothesizing 2 days ago that the Rams were cash strapped and becoming a financially distressed asset overall, they today are now asking the NFL for Half a Billion more in financing help and twice the term to pay it back.
Maybe its Karma. Maybe we live in a simulation.
It couldn't have happened to a more deserved owner.
https://theramswire.usatoday.com/2020/05/14/la-rams-sofi-stadium-nfl-request-funding/
The Los Angeles Rams are supposed to be opening SoFi Stadium later this summer, first for a Kenny Chesney concert on August 1 and eventually, the 2020 NFL season. However, the coronavirus has thrown a wrench into things, and there’s no telling when the stadium will actually open for fans to enjoy.
The $5 billion stadium still isn’t complete and according to The Athletic, the Rams are seeking more money from the NFL. A report from Daniel Kaplan states the Rams have requested to borrow up to $500 million more in NFL stadium financing, which would drive the total borrowed from the league to $900 million.
Furthermore, the Rams are asking to pay back the money in double the time usually given by the league, from 15 years to 30 years.
According to Kaplan, the three issues that have caused the Rams to request this additional funding are “cost overruns, less than expected personal seat license sales, and the prospect of a gut punch to gate revenue this fall.”
The possibility of playing in front of no fans is becoming real with the coronavirus pandemic still very much impacting everyday life throughout the U.S. If the Rams do have to open SoFi Stadium without fans, it’ll be a huge loss in revenue.
The Rams haven’t been granted this request just yet, as it’s on the docket for the owner’s meeting next week, according to the report.
Maybe its Karma. Maybe we live in a simulation.
It couldn't have happened to a more deserved owner.
https://theramswire.usatoday.com/2020/05/14/la-rams-sofi-stadium-nfl-request-funding/
The Los Angeles Rams are supposed to be opening SoFi Stadium later this summer, first for a Kenny Chesney concert on August 1 and eventually, the 2020 NFL season. However, the coronavirus has thrown a wrench into things, and there’s no telling when the stadium will actually open for fans to enjoy.
The $5 billion stadium still isn’t complete and according to The Athletic, the Rams are seeking more money from the NFL. A report from Daniel Kaplan states the Rams have requested to borrow up to $500 million more in NFL stadium financing, which would drive the total borrowed from the league to $900 million.
Furthermore, the Rams are asking to pay back the money in double the time usually given by the league, from 15 years to 30 years.
According to Kaplan, the three issues that have caused the Rams to request this additional funding are “cost overruns, less than expected personal seat license sales, and the prospect of a gut punch to gate revenue this fall.”
The possibility of playing in front of no fans is becoming real with the coronavirus pandemic still very much impacting everyday life throughout the U.S. If the Rams do have to open SoFi Stadium without fans, it’ll be a huge loss in revenue.
The Rams haven’t been granted this request just yet, as it’s on the docket for the owner’s meeting next week, according to the report.
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OT Update: Rams want $500M more to borrow for stadium - North co-co champs MU - 5/14 18:44:56
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