After moving the Rams out of St Louis, Arsenal owner Stan Kroenke was forced to pay a huge £600 million lawsuit.
Stan Kroenke, the owner of the Los Angeles Rams, will have to pay $790 million (£592 million) to settle a lawsuit over the team’s departure from St Louis.
According to the Los Angeles Times, Kroenke and the NFL have agreed to pay close to £600 million to avoid a trial next month in St Louis, just before the Super Bowl.
The lawsuit, which was filed in 2017, claims that the team’s relocation to Los Angeles violated the league’s relocation policy, which states that the club and the NFL should have made every reasonable effort to keep the team in St Louis. The sum is expected to be paid out by Christmas Eve.
The settlement states that no party admits liability, and the Rams have yet to comment, while the NFL expressed gratitude for “all parties’ efforts to reach a settlement” in a statement.
The settlement “closes a long chapter for our region, securing hundreds of millions of dollars for our communities while avoiding the uncertainty of the trial and appellate process,” said the mayor of St Louis and the county executive in a joint statement.
They also stated that they are “still deciding” what to do with the funds they will receive next month.
St Louis sought up to (dollar)4 billion (£3 billion) in damages, including payment of the relocation fee and the increase in franchise value as a result of the move to LA.
Kroenke allegedly signed an indemnification agreement with the NFL that required him to pay “costs, including legal fees and other litigation expenses” in the event of a challenge to the move.
The 74-year-old, on the other hand, has informed fellow owners that he does not believe the indemnity covers legal “costs” such as damages.
This comes after Kroenke was chastised by Arsenal fans after agreeing to form the contentious European Super League with other major football clubs.
The majority shareholder of Arsenal, on the other hand, splashed the cash in the summer, completing six transfers totaling more than £100 million.
After a poor start to the season, those additions have helped the north Londoners climb to fifth place in the Premier League table.
Read our Football news live blog for the most up-to-date rumors, gossip, and completed transactions.
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