The St. Louis stadium task force today submitted to the NFL a term sheet for a proposed riverfront stadium, a key development in the ongoing effort to keep the NFL in the city. NFL Exec VP/Business Ventures Eric Grubman confirmed the term sheet had been received. Last week at the NFL owners meeting, Commissioner Roger Goodell, when asked if the apparent slowdown in the St. Louis process concerned him, replied affirmatively. The stadium would be owned by an authority, with the team expected to put in $450M – $200M of which would come from the league’s stadium finance program.
One of the term sheet’s conditions is a pending vote of the city’s Board of Aldermen to extend the bonds on Edward Jones Dome, a key public funding source for the proposed $1B project. St. Louis task force co-Chair Dave Peacock said that without those funds, the project would fail, as opposition exists within the Board. The task force, created almost a year ago at the behest of the state’s governor, is working without the input of the Rams, as Owner Stan Kroenke wants to move the club to Inglewood, Calif. NFL owners next meet Dec. 2, with clubs free to submit relocation bids Jan. 1.
