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Industry News

Cost of Rams stadium increases

The cost of a new NFL stadium for the Los Angeles Rams has risen as owners of the league’s 32 teams voted to raise the debt waiver for the first phase of the project.

The debt waiver has been increased to $4.963bn (£3.519bn/€4.004bn) and the Inglewood venue is set to become the most expensive NFL stadium in history by some distance. The Rams will share the stadium, which is due to be ready by 2020, with fellow NFL team the Chargers.

According to the Los Angeles Times newspaper, the $4.963bn figure includes the stadium, a nearby 6,000-seat performance venue, NFL Media office space, parking lots and the cost of the 300-acre site.

The cost of the stadium itself had initially been projected at $2.6bn but the Times said this has now risen to closer to $3bn.

Kevin Demoff, the Rams’ chief operating officer and vice-president of football operations, told the Times: “While the stadium costs have risen since our initial presentations, the building remains 100 per cent privately financed by (Rams owner) Stan Kroenke and highlights his unprecedented investment in both the community of Inglewood and the NFL as a whole.

“This investment represents the first phase of his commitment to building a transformative sports and entertainment district at Hollywood Park that will bring Super Bowls, the Olympics and thousands of jobs to Inglewood.”

The stadium would be more expensive than MetLife Stadium and Mercedes-Benz Stadium, which are currently the most expensively assembled NFL venues at $1.6bn. The Oakland Raiders’ new facility in Las Vegas is currently projected to cost $1.8bn.

Image: LA Rams