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Cost of L.A. stadium has mushroomed
Posted on 11/21/19 at 1:33 pm
Posted on 11/21/19 at 1:33 pm
PFT article
Cost of L.A. stadium has mushroomed
Posted by Mike Florio on November 21, 2019, 1:39 PM EST
Most projects end up costing more than originally expected. The new stadium in L.A. will cost dramatically more than originally expected.
A lengthy new item from Seth Wickersham and Don Van Natta Jr. of ESPN.com explores the dysfunction arising from the return of the Rams and Chargers to Los Angeles, where they will share a stadium built by Rams owner Stan Kroenke. The relationship features plenty of tension and acrimony, with the potentially shattered partnership fueled by one basic reality: The price for constructing the stadium keeps going up, up, up, up, up.
Fewer than five years ago, the Rams believed the stadium would cost $1.86 million. By late 2015, the number moved to $2.4 billion. Since then, the project has “gone off the rails,” thanks to vendor competition driven by a $14 billion renovation at LAX airport and an unexpectedly expensive infrastructure association with a field that will sit 100 feet below ground level. Heavy rain in 2017 delayed the opening of the stadium by a full year.
By March 2018, the price had moved to $5 billion. Officials with the company building the venue now reportedly refer to it as “our $6 billion stadium.”
Complicating the expense problem is a revenue problem. The Chargers have struggled to sell PSLs, the proceeds of which go directly to defray the costs incurred by Kroenke. The Rams expected $400 million to come from those PSL sales; the actual number will be much lower than that, especially after the Chargers dropped the price for upper-deck PSLs to $100.
So the stadium is costing much more than expected, and the stadium will be bringing in much less money than expected. And the Raiders — the preferred team in L.A., despite any efforts of the Rams and Chargers to change that — will be playing their home games only four hours away, starting next year.
Cost of L.A. stadium has mushroomed
Posted by Mike Florio on November 21, 2019, 1:39 PM EST
Most projects end up costing more than originally expected. The new stadium in L.A. will cost dramatically more than originally expected.
A lengthy new item from Seth Wickersham and Don Van Natta Jr. of ESPN.com explores the dysfunction arising from the return of the Rams and Chargers to Los Angeles, where they will share a stadium built by Rams owner Stan Kroenke. The relationship features plenty of tension and acrimony, with the potentially shattered partnership fueled by one basic reality: The price for constructing the stadium keeps going up, up, up, up, up.
Fewer than five years ago, the Rams believed the stadium would cost $1.86 million. By late 2015, the number moved to $2.4 billion. Since then, the project has “gone off the rails,” thanks to vendor competition driven by a $14 billion renovation at LAX airport and an unexpectedly expensive infrastructure association with a field that will sit 100 feet below ground level. Heavy rain in 2017 delayed the opening of the stadium by a full year.
By March 2018, the price had moved to $5 billion. Officials with the company building the venue now reportedly refer to it as “our $6 billion stadium.”
Complicating the expense problem is a revenue problem. The Chargers have struggled to sell PSLs, the proceeds of which go directly to defray the costs incurred by Kroenke. The Rams expected $400 million to come from those PSL sales; the actual number will be much lower than that, especially after the Chargers dropped the price for upper-deck PSLs to $100.
So the stadium is costing much more than expected, and the stadium will be bringing in much less money than expected. And the Raiders — the preferred team in L.A., despite any efforts of the Rams and Chargers to change that — will be playing their home games only four hours away, starting next year.
Posted on 11/21/19 at 1:35 pm to Chad504boy
quote:This is an assumed, yet significant typo...
Fewer than five years ago, the Rams believed the stadium would cost $1.86 million. By late 2015, the number moved to $2.4 billion.
This post was edited on 11/21/19 at 1:36 pm
Posted on 11/21/19 at 1:36 pm to Ryan3232
quote:
This is an assumed significant typo..
yes, it was humorous for sure.
Posted on 11/21/19 at 1:36 pm to Chad504boy
I hope it bankrupts Kroenke
Make it 15 billion, LA contractors
Make it 15 billion, LA contractors
Posted on 11/21/19 at 1:37 pm to YF12
I was thinking, is there any way this might just sit there half built for a few years?
This post was edited on 11/21/19 at 1:38 pm
Posted on 11/21/19 at 1:37 pm to Chad504boy
In 10 years, one of the guys running for Mayor is going to get the real diddy on the stadium and the people of LA are going to be bilked for a shite load of money.
Posted on 11/21/19 at 1:39 pm to Ryan3232
i made a smart arse remark about the 1.86 million, moderators deleted and suddenly article is corrected.
Posted on 11/21/19 at 1:39 pm to Chad504boy
The filth that’s the NFL along with all owners and investors in this property deserve all the problems coming with this “experiment”. Forcing not only 1 but two garbage franchises to a city that doesn’t want football.
frick those pieces of shite for manufacturing a Super Bowl appearance for their beloved new LA franchise. I hope this all turns to disaster more than it already has, popcorn is ready.
frick those pieces of shite for manufacturing a Super Bowl appearance for their beloved new LA franchise. I hope this all turns to disaster more than it already has, popcorn is ready.
Posted on 11/21/19 at 1:40 pm to Ryan3232
The typo was only off by about $1.84 billion...and it was still more accurate than the original stadium cost estimates
Posted on 11/21/19 at 1:45 pm to Tiger Prawn
I think they are confusing the cost of the stadium and the cost of the entire complex
Posted on 11/21/19 at 3:31 pm to Chad504boy
quote:
“our $6 billion stadium.”
Jerry finna look into upgrades
Posted on 11/21/19 at 3:38 pm to Chad504boy
Does this really come as a surprise to anyone?
Posted on 11/21/19 at 3:50 pm to Chad504boy
quote:
Cost of L.A. stadium has mushroomed
Posted on 11/21/19 at 5:52 pm to Chad504boy
:lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:.................
:lol: :lol:
:lol: :lol:
This post was edited on 11/21/19 at 5:53 pm
Posted on 11/21/19 at 6:09 pm to YF12
quote:
I hope it bankrupts Kroenke
Found the Arsenal fan
Posted on 11/21/19 at 6:13 pm to Chad504boy
quote:
So the stadium is costing much more than expected, and the stadium will be bringing in much less money than expected
They will have every major event and major concert i doubt they are projected to make less money
Posted on 11/21/19 at 6:16 pm to Chad504boy
What a disaster. LA fans aren’t going to sit in an hour of traffic to watch the damn chargers.
Posted on 11/21/19 at 6:20 pm to Chad504boy
The Chargers just need to tuck tail and run back to San Diego.
Posted on 11/21/19 at 6:33 pm to DirtyDawg
Meanwhile in Vegas
quote:
During a Las Vegas Stadium Authority board meeting on Monday, it was revealed that the NFL team has accounted for $399.3 million in the sale of the licenses, which are required for the right to purchase season tickets at Allegiant Stadium. It is nonrefundable.
The initial budget for the project called for $200 million in seat license revenue. The added revenue allowed builders to increase the project by $90 million to $1.97 billion, which will bring more enhancements such as furniture and fixtures, technology and food service upgrades, build-out of certain unassigned spaces, and the addition of sponsor signage and other fixtures.
In an email Monday, Raiders President Marc Badain said less than 2% of available PSLs for the new stadium remain.
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