Billionaire LA Rams Owner Claps Back With $400M ‘Spiteful’ Lawsuit Amid St. Louis Move Speculations
Summary
Los Angeles Rams owner Stan Kroenke has filed a nearly $400 million lawsuit against the city of Inglewood, escalating a dispute that began with the city’s approval of digital billboards near SoFi Stadium. Kroenke’s companies claim the city owes them money for infrastructure improvements and ongoing services related to the stadium and surrounding development. Inglewood argues the development agreement Kroenke is citing is invalid and that the city has the right to generate revenue from its public land.
The conflict stems from a 2015 development agreement and a recent deal Inglewood made with WOW Media to install billboards around Hollywood Park. Kroenke’s group argued this violated the agreement and would cut into the value of sponsorships. A judge rejected their attempt to block the deal, deeming the original agreement improperly enacted.
Inglewood officials have responded forcefully, asserting that Kroenke is attempting to use financial leverage to control city governance and that “billionaires are not above the law.” The situation echoes Kroenke’s previous legal battles with St. Louis following the Rams’ relocation to Los Angeles, which resulted in a $790 million settlement. While speculation exists about a potential return to St. Louis, analysts believe the Rams are unlikely to leave SoFi Stadium unless Kroenke sells it.
(Source:Yahoo! News)