Five years after returning to Los Angeles, the Los Angeles Rams will get their home stadium back—for a price.
As part of a settlement with a federal lawsuit, the National Football League will return ownership of the venue to Rams owner Stan Kroenke for $350 million, and hand him control of $700 million in secured debt to pay for renovations.
A jury awarded the plaintiffs, a local homeowners association, $2.2 billion in damages in 2017. Kroenke’s assets cover $750 million, including the Rams’ vast cash holdings.
The case revolves around Inglewood, CA-based Rams Park, formerly known as the Hollywood Park Race Track. It was empty when the team purchased it for $750 million, but it would need to be rebuilt to meet the NFL’s safety standards.
In return for the return of ownership, Kroenke will continue to rent the stadium to the San Diego Chargers for its games. The two teams are currently playing in separate stadiums in the Los Angeles area.
While the property itself is now exclusive to Kroenke, there are other opportunities. The NFL and Kroenke reached a deal with tenant club The Joint Center to produce the Los Angeles Rams ‘We are Inglewood’ ad campaign.
The commercial has screened on TV and hits radio and digital platforms. It will run throughout the team’s current season and well into the NFL’s 2020 season.
The Rams were officially named the new Los Angeles team in December 2016, three months after the Rams left St. Louis after 20 years, a move that brought an uproar from St. Louis fans. Los Angeles Rams season tickets were gone a month later.