Missouri billionaire Stan Kroenke will try to purchase the remaining 60 percent share of the St. Louis Rams. Illinois businessman Shahid Khan reached an agreement to buy the team on February 11th and Kroenke had 60 days to decide if he wanted to keep his 40% share. Not only does he want that, but he wants to buy the team outright, but he may run into one major sticking point with the NFL.
Just a couple of weeks ago, NFL commissioner Roger Goodell said he really didn’t see the league changing it’s position on cross ownership. After the Rams moved to St. Louis and Kroenke took over his share of the ownership, he went on to purchase the Denver Nuggets of the NBA and the Colorado Avalanche of the NHL. The NFL prohibits cross ownership among leagues.
Apart of the agreement with Khan and Chip Rosenbloom and Lucia Rodriquez was that Kroenke had 60 days to decide how he wanted to proceed. He had three choices. Keep his 40% share. Sell his 40% share. Attempt to exercise his matching rights on Khan’s bid.
Forbes Magazine estimates the value of the Rams at $913 million. It is estimated that Khan put in a bid around $750 million. Kroenke has been 40% owners of the Rams since 1995 when the team moved from Los Angeles. Kroenke is from Columbia, MO and made his fortune in real estate. His wife Anne is an heir to Wal-Mart.
The next step will be for Kroenke and the NFL to address the cross ownership issue.
