Stank Kroenke, owner of a shopping center and an estate in Malibu, purchased 60 acres of land in Inglewood recently, sparking speculation about the future of professional football in Los Angeles.
Kroenke, who owns the Malibu Colony Plaza Shopping Center, currently also owns the St. Louis Rams.
The site in Inglewood is large enough to build an NFL stadium, however, the intent of the purchase is unknown at this point. This sale marks the first time an NFL owner has bought land big enough to hold a stadium.
Kroenke has been negotiating with the City of St. Louis for an estimated $700 million renovation, but city officials have thus far refused.
Los Angeles has been a key tool for other teams to get stadium deals done with threats of moving to Los Angeles if the deals weren’t made. The city has been without a team since the 1994 season when it had the Raiders and the Rams. The organization has not come to terms on a stadium deal in St. Louis and have the ability to move the team after the 2014 season.
Kroenke also owns the NHL’s Colorado Avalanche, the NBA’s Denver Nuggets and Arsenal Football Club of the English Premier League.