The National Football Leagues’ 32 teams voted to increase the debt waiver on the new Rams stadium in Los Angeles at last Tuesday’s meeting. The new Inglewood venue has now become the most expensive NFL stadium with the waiver rising to $4.963 billion.
The LA Times is reporting that the new figure will cover the stadium, a nearby 6,000-seat performance venue, NFL Media office space, parking lots and the cost of the 300-acre site. The original cost of the stadium alone was estimated at $2 billion, but has risen to nearly $3 billion.
“While the stadium costs have risen since our initial presentations, the building remains 100 per cent privately financed by (Rams owner) Stan Kroenke and highlights his unprecedented investment in both the community of Inglewood and the NFL as a whole,” Rams’ COO and VP of Football Operations, Kevin Demoff, told The Times.
Demoff added, “This investment represents the first phase of his commitment to building a transformative sports and entertainment district at Hollywood Park that will bring Super Bowls, the Olympics and thousands of jobs to Inglewood.”
The Rams, previously of St. Louis, Missouri, are expected to play in their new facility by 2020 and share the stadium with the Los Angeles Chargers who recently moved from San Diego.
Until this stadium, the most expensive NFL stadiums were MetLife, shared by the New York Giants and Jets, and Mercedes-Benz, new home of the Atlanta Falcons, both with price tags of $1.6 billion. The Raiders’ new stadium in Las Vegas is projected to cost $1.8 billion, according to The Times.