DENVER BUSINESS JOURNAL - Stan Kroenke plans to borrow about $1 billion from JPMorgan Chase & Co. to help finance his $2.6 billion NFL stadium project in Inglewood, California.
The loan, which would be made to the stadium's operating company, would be one of the largest ever made by a financial institution for a stadium project, SportsBusiness Daily reports.
Sports and media magnate Kroenke, who also owns the Denver Nuggets and Colorado Avalanche, last week won National Football League approval to move his St. Louis Rams to the Los Angeles area. The team will play in temporary quarters for a few years until the Inglewood stadium is ready.
Kevin Demoff, Rams president, confirmed that the Rams were borrowing from JPMorgan but declined to give further details.
"The financial structure of the stadium will be sorted out as we move forward on the final arrangement in Inglewood, especially as it relates to the potential relationship with a second team," Demoff said in an emailed statement to SportsBusiness Daily.
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