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Settlement of $ 790 million in proceedings over Rams’ departure from St. Louis | Nationwide

NS. NFL and Rams owner Stan Kroenke will pay $ 790 million to settle a lawsuit filed by St. Louis stakeholders over the transfer of the team to Los Angeles, according to a joint statement by the City and County of St. Louis. ..

Details of the settlement were not announced, and it was not immediately clear what Kroenke would pay and what the owners of the other 31 teams in the league would bear.

“This historic agreement concludes a long chapter in our region and secures hundreds of millions of dollars for our community while avoiding uncertainty in the trial and appeal process,” said Mayor of St. Louis. I read a statement from Executive Sam of Tishaura Jones and St. Louis County.

Officials in the St. Louis region have not yet decided how the settlement funds will be used, the statement said.

The settlement reached in mediation will end Proceedings of 4 and a half years old It was submitted in the wake of the departure of Rams. Kroenke and the NFL have failed to bid to dismiss the proceedings, or at least move them out of St. Louis. The court sympathized with St. Louis’ efforts to disclose the financial information of the team owners. This is a ruling that hastened the promotion of reconciliation. ..

The proceedings were scheduled to be tried on January 10. The proceedings sought more than $ 1 billion. He claimed that the relocation of the team cost millions of dollars in revenue from amusement parks, tickets and income taxes in the St. Louis area.

The then-owner, Georgia Frontiere, moved the Rams from Los Angeles to his hometown of St. Louis in 1995 and stayed for 21 seasons before Kroenke brought them back.

Missouri real estate developer Kroenke, who is married to Wal-Mart’s property heir, became a minority owner when the team first came to St. Louis. Frontier died in 2008 and left the team to the children. The children sold the Rams to Kroenke in 2010.

Shortly thereafter, Rams began demanding hundreds of millions of dollars to improve the downtown dome-shaped stadium built with taxpayer money in the early 1990s to attract the NFL team.

St. Louis stakeholders initially proposed a more modest upgrade, and eventually a new $ 1 billion stadium along the Mississippi River jointly funded by taxpayers, teams, and the NFL. The league and the team barked.

Instead, Kroenke bought land in Inglewood, California. SoFi Stadium opened in September 2020 and is now home to both the Rams and the Los Angeles Chargers, who moved from San Diego in 2017.

Residents of St. Louis not only lost the NFL team, but were furious with Kroenke’s 29-page application and relocated prior to the January 2016 Owners’ Meeting, where the relocation was approved. The document criticized St. Louis for population decline, questioned the future of the region’s economy, and questioned whether it could support the Cardinals of baseball, the Bruce of hockey, and the NFL franchise.

In a 2017 proceeding on behalf of the St. Louis, St. Louis County, and St. Louis Regional Convention Sports Complex, Kroenke, other team members, and the league have already announced that the Rams are planning to relocate. He knew in 2013, but said he lied to the denial. that. The proceedings said the league ignored its own relocation guidelines when permitting relocation.

The NFL, Rams and Kroenke said the guidelines are not iron walls and the league clearly has the right to approve moves that benefit the owners of the NFL and its 32 teams.

The reconciliation occurs after Kroenke and the United States’ most popular and lucrative sports league, the NFL, have been defeated in a series of courts.

In July, Judge Christopher McGrau of the Circuit Court of St. Louis determined that there was sufficient evidence that Kroenke and his colleagues were involved in the fraud and ordered the NFL owners to: Publish financial records.. The purpose was to allow the jury to consider punitive damages if Kroenke and the NFL lost the proceedings.

NFL lawyers called the request for records “invasive,” but the Missouri Supreme Court in September upheld the lower court’s order.

NFL and Kroenke Move the trial I quoted “excessive impact” on jury candidates from St. Louis. However, McGraw dismissed the request in August, and the Missouri Court of Appeals later upheld the decision.

Kroenke and the NFL also failed to file a proceeding. I heard in arbitration Not in court.

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Settlement of $ 790 million in proceedings over Rams’ departure from St. Louis | Nationwide

Source link Settlement of $ 790 million in proceedings over Rams’ departure from St. Louis | Nationwide

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