Louis approves funding for new Rams stadium, but hurdles remain

The St. Louis Board of Alderman approved a financing plan Friday that could increase the chances for the Chargers/Raiders stadium project to get the 24 votes necessary to move the teams to Carson. Dave Peacock, head of the task force, also said another $100 million would come from the NFL.

The original stadium task force plan called for $200 million from the league, but that was changed just before Tuesday’s vote. The vote this Friday could be the final domino needed to fall in order for the plan of financing the new stadium to finally get approved. This would occur in the event the team’s rent failed to pay down one of the bonds generated by this stadium. Team owner Stan Kroenke is part of a group planning a $1.8 billion stadium in Inglewood.

Alderman Sharon Tyus summed up the city’s frustration to the St. Louis Post-Dispatch: “We’re like at the strip club … and the stripper is throwing the money back at us”.

The decision, which includes a $150m commitment from the city, is the latest saga in a debate over using public money to subsidize sports stadiums. Now the citizens of St. Louis face the prospect of tonight’s game against Tampa Bay being the final one for the Rams, perhaps forever. A big factor that has stalled the process is the city’s financial contributions to the stadium. “Today’s action by the St. Louis City Board of Aldermen is another step toward keeping the Rams in St. Louis, transforming the north riverfront with private investment, and creating jobs – without raising taxes on Missourians”, Gov. Jay Nixon said in a statement.

This has to be worked out by December 30, the deadline to have a plan with certainty before the league.

The Rams and two other teams are seeking to move to Los Angeles.

“St. Louis, they have come up with a proposal that is getting pretty close, in my opinion, to being an attractive proposal, and if they do come up with an attractive proposal, then in my view, my personal opinion, I don’t think the Rams will receive the approval to relocate”, McNair told the Houston Chronicle this week. All 32 National Football League owners are set to meet January 12-13th to discuss team relocations and review each teams’ proposal.