DENVER BUSINESS JOURNAL - The National Football League today finally signed off on a cross-ownership arrangement five years in the making that lets sports magnate Stan Kroenke hang onto his St. Louis Rams and keep his Denver Nuggets and Colorado Avalanche in the family.

The Los Angeles Times reports that the plan calls for Kroenke to formally transfer ownership of basketball's Nuggets and hockey's Avalanche to his wife, Wal-Mart Stores heiress Ann Walton Kroenke, with their son, Josh Kroenke, running the Colorado franchises.

FL rules say that one of its owners can't also directly own pro franchises in another city with an NFL team.

Owners agreed to the cross-ownership plan at their meeting today. Kroenke bought the Rams in 2010 with the understanding that a cross-ownership deal agreeable to NFL owners would be worked out.

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