Reports: NFL approves lending Rams extra $500M

The Los Angeles Times reported the request -- which included an extended
period in which to repay the loan -- was approved unanimously at Tuesday's
virtual owners meeting.

The Athletic reported last week that the Rams had requested to borrow the
additional $500 million and also asked to double the typical 15-year term to
repay the money. The report added details on cost overruns and a lack of
revenue, noting that seat license sales -- particularly for the co-tenant Los
Angeles Chargers -- have fallen well below expectations.

The Rams had already borrowed $400 million from the league for SoFi Stadium,
the expected cost of which has ballooned to about $5 billion, around double of
the original projection.

The new stadium was scheduled to open for concerts this summer. Some events
already have been postponed and more are expected to be pushed back with the
state of California and Los Angeles County enforcing strict bans against large
gatherings amid the coronavirus pandemic.

The Rams are scheduled to play the first home regular season game at SoFi
Stadium on Sept. 13, a Sunday night contest in Week 1, unless the NFL schedule
is altered or pushed back due to the pandemic.

Last week, the NFL and team executives agreed on a proposal to raise debt
limits for teams from $350 million to $500 million, a response to expected
revenue drops caused by the pandemic.

Rams owner Stan Kroenke agreed to host the Chargers as a tenant in the new
stadium as part of the agreement to move the Rams from St. Louis to Los
Angeles -- and the Chargers from San Diego. The Rams returned to Los Angeles
for the 2016 season, playing at the Coliseum, while the Chargers moved to
Carson, Calif., for the 2017 season.

--Field Level Media