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- Mar 19, 2019
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The Rams need more financing for SoFi Stadium, which has a price tag that keeps rising.
According to Daniel Kaplan of TheAthletic.com, the Rams’ request for up to $500 million in additional NFL stadium financing and additional time to pay it back is on the agenda for next week’s virtual owners meeting.
The request is on top of the $400 million the Rams already borrowed from the league’s stadium lending program. The team also wants to pay the loan back over 30 years rather than the typical 15 years.
The stadium has seen cost overruns and slower than expected personal seat license sales, per Kaplan, and all teams anticipate lost ticket revenue this fall.
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.
SoFi Stadium is scheduled to open this summer, but it remains to be seen how the COVID-19 pandemic will affect that.
NFL owners will vote next week to increase the borrowing limit for all teams from $350 million to $500 million in case games are played without fans.