St. Louis Rams owner Stan Kroenke has plans to build a new National League Football stadium in Inglewood, Calif., in a partnership with Stockbridge Capital Group.
Kroenke owns 60 acres adjacent to the Forum; Stockbridge owns the 238-acre Hollywood Park site. Together, they intend to add an 80,000-seat NFL Stadium and a 6,000-seat performance venue, the Los Angeles Times reported on Monday.
“No team has applied for relocation and there will be no team relocations for the 2015 season,” the NFL told TheWrap in a statement. “We are committed to working towards having franchises that are strong and successful in their existing markets. Any decision on relocation in 2016 or later is subject to approval by the 32 clubs. An affirmative vote by 24 of 32 clubs (three-fourths) is required.”
While many others have attempted to return NFL football to Los Angeles, thanks to his partnership with Stockbridge, Kroenke is the first active team owner to have the necessary land and a proposal in place, the Times pointed out. Plus, there’s the necessary out-clause in the team’s current location: the Rams can choose later this month to convert their lease in St. Louis to year-to-year.
The team’s original lease — which began in 1994 — was for 30 years, but it had an “out” clause for ownership should they be unable to reach an agreement with city officials on improvements to the current stadium. The two sides are $575 million apart on that, according to the paper. That said, the city of St. Louis is expected to offer the team a new proposal by the end of January.
The team’s current housing, The Edward Jones Dome, is unlikely to keep the team in St. Louis otherwise. A new stadium or vast improvements might, but the team’s roots in L.A. — where the Rams played from 1946-1994 — and financial opportunities afforded in the larger city could pull them back toward the coast.
“We are excited to unveil an expanded plan that will bring a world-class sports and entertainment district to Hollywood Park,” Terry Fancher, founder of Stockbridge, said in a statement. “We are committed to working with [the Kroenke Group] to build a project that will put Inglewood back on the map as home of the truly great sports and entertainment venues.”
The developers added that no tax dollars would be used for the construction project, which could be completed by 2018. The group plans to gather the requisite signatures soon to place the entire project on the Inglewood municipal ballot in 2015. The city’s mayor, James T. Butts Jr., said he was “extremely supportive” of the ballot initiative.
The owners are calling the combined Kroenke and Hollywood Park projects the City of Champions Revitalization Project. San Francisco firm Wilson Meany is heading development of the site.
In addition to the Rams, Kroenke’s family owns the NBA’s Denver Nuggets and the NHL’s Colorado Avalanche, and is the largest shareholder of the English soccer club Arsenal.
Read more details of the proposed stadium deal and check out artist renderings here.