January 21, 2016 Comments Off on JP Morgan Chase Bets $1B On Kroenke’s Rams Views: 635 California News, Los Angeles

JP Morgan Chase Bets $1B On Kroenke’s Rams

Los Angeles Rams owner Stan Kroenke has reportedly received a commitment from JP Morgan Chase & Co. to fund his proposed $3-billion NFL stadium in Inglewood. According to the Los Angeles Times, Kroenke is seeking to borrow roughly $1-billion, a figure that would make the pending loan among the largest by a team for a stadium.

Observers say it isnt unusual for team owners to seek financing, though Kroenke’s net worth is estimated by Forbes at $7.4 billion. The stadium is the centerpiece of a nearly 300-acre mixed-use development involving San Francisco-based Stockbridge Capital Group, which will include entertainment, retail and office space.

When completed in 2019, the stadium could be the most expensive in U.S. sports history. Earlier this week, the San Diego Chargers started formal negotiations with the Rams that could lead the teams to share the stadium.

Read More at Los Angeles Times

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