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Friday, October 30, 2020

Rams News: Team Asks NFL For Another $500M For Stadium Financing

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The 2020 NFL season hasn’t even started yet and the Rams have already dug themselves in a lot of drama. First with the departure of RB Todd Gurley and his crazy demands for his money owed, the horrific updated team logos, the loooooong wait for the new uniforms in which fans don’t seem to care for, and now stadium money issues. What else can happen before the season starts?

The Los Angeles Rams have been bugging the NFL lately for an additional $500 million in order to finance SoFi Stadium, which remains under construction in Inglewood, CA. Not only have the Rams asked for more money, but they have also asked the league for an extension to pay the loan back as well. If you do that math, that’s almost $900 million in loans. Yikes.

SoFi Stadium which sits in Inglewood, CA will be the new home for the NFL’s LA Rams & LA Chargers

The team is also asking the league to repay the loans over 30 years rather than 15 mainly because they feel as if revenue will decline due to the coronvirus pandemic.  The Los Angeles Chargers are helping with the $2.2 billion dollar price tag, but the terribly steep budget increases, as well as the dramatic decline in seat sales for the 2020 season, caused the request for more time.

More than likely the Rams and Chargers would split the $500 million loan. The outlook looks grim seeing that the loan is high and profits are looking to be low since the season is not promised. Seat sales have been pretty low and now with L.A. County extending its stay-at-home orders through July, the outcome doesn’t look good. Meaning, when construction is complete, there is no guarantee that it will be allowed to open.

Do you think we will have an NFL season to see the new stadium?

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