The owner of the Los Angeles Rams has purchased another piece of real estate, which will serve as the location of a new team headquarters and practice fields.
Stan Kroenke — whose net worth is $12.9 billion, per Forbes — has purchased an outdoor shopping mall in the Woodland Hills neighborhood of Los Angeles for $325 million.
Kroenke’s latest real estate investment follows his purchase of an indoor mall in March for $150 million and a building in June next to a plot of land he already owns for $175 million.
- Kroenke plans to turn one of his new properties into a 34-acre practice field and team headquarters.
- The facility could be surrounded by a commerce area, which may include hotels.
- Costs associated with the development could reach at least $1 billion.
- Kroenke also owns the Denver Nuggets, Colorado Avalanche, Colorado Rapids, and Arsenal.
A new team headquarters for the Rams comes after Kroenke opened SoFi Stadium in September 2020. The $5 billion stadium — which is also home to the Los Angeles Chargers — is the NFL’s largest venue.
Costly Move
In October, NFL owners unanimously voted to approve a plan for Kroenke to cover the majority of costs associated with an $820 million settlement regarding the Rams’ move from St. Louis in 2016.
The NFL’s 31 other owners have already paid $220 million of the settlement after the league gave each team roughly $7 million from national revenue payouts.
