Los Angeles Rams owner Stan Kroenke along with his wife, Ann Walton Kroenke, have decided that the team needs a permanent home to establish a competitive edge. The couple has made a record-breaking investment to build a state-of-the-art facility in Inglewood, Ca., that is projected to open in September 2020.
“In two years we’ll be in a new stadium, and I think we can have a true home-field advantage like a lot of the teams do,” Kroenke told USA Today. ‘We don’t really have it now.'”
The Kroenke’s are putting up $1.6 billion to get the ball rolling. Street & Smith’s Sports Business Journal reported on Monday that initial estimates of $4.25 billion will be needed to construct the Los Angeles Stadium Premier Center at Hollywood Park. The complex will sit on a 298-acre site which is located only four miles from LAX.
According to The Bleacher Report, the new stadium will have a capacity of 70,240 people with the ability to accommodate as many as 100,000. It will also feature 260 suites equipped with the latest in modern technology and all the creature comforts of home. The package price for nearly half of those suites will provide the buyer with attendance to both Rams and Chargers games.
Adjacent to the stadium, there will be a 6,000-seat amphitheater. Taking the total cost up to around $5 billion, the property will include a building which will house the new NFL Network in addition to other residential, commercial business, and retail development.
Both the Los Angeles Rams and the Los Angeles Chargers will play in the new venue. Kroenke told USA Today that having their own stadium will add to the experience of attending home games. The Rams currently play in the Los Angeles Coliseum and averaged crowds of 63,392 during the 2017 season. The Chargers ranked last in the league with average attendance of 25,355 while playing at the StubHub Center.
When the league first approved the new project, Kroenke reported a $2.3 billion price tag. But due to engineering guidelines mandating that the building be able to survive earthquakes, costs have skyrocketed.
The Los Angeles Stadium Premier Center is expected to generate revenues which far exceeds the costs. It has already been slated to host several major sporting events. Both the 2022 Super Bowl as well as the 2028 Summer Olympics will be held at the new facility. Investors anticipate that the complex will generate upwards of $4 billion annually.