ST. LOUIS – St. Louis city officials and other stakeholders have agreed to more than half a billion dollars from the NFL Rams relocation settlement into a new financial account that could help that sum grow.
St. Louis City, St. Louis County and Regional Convention and Sports Complex Authority reached an agreement to move $512 million into what the St. Louis mayor’s office calls a “flexible, low-risk account.”
Private negotiations over the settlement with the three main parties have lasted for nearly one year. Officials are trying to decide how to split and spend the money remaining from the $790 million settlement, after nearly one-third of it accounted for attorney fees.
Meanwhile, the recent decision means the settlement funds will enter a high-interest-bearing account, which could allow money to accrue faster than typical savings accounts.
“Once the RSA took official action to allow us to do so, we signed off on the movement of these funds,” said the St. Louis mayor’s office on Friday.
The mayor’s office did not disclose the interest rate of the new account, but RSA vice chairman Dave Spence told FOX 2 he projects such a fund could accrue up to $15 million per year.
The National Football League recently resolved the Rams relocation lawsuit involving St. Louis and paid out the settlement funds last December. That said, a decision is expected soon as to who will cover the costs of the $790 million payouts.
According to Daniel Kaplan of The Athletic, a meeting is planned Tuesday in which NFL team owners could decide who to hold accountable for the paid-out money.
Rams owner Stan Kroenke, the face behind the relocation, wants to spread out the costs among NFL owners. Some owners contend Kroenke should pay off the full amount or that close associates, including Dallas Cowboys owner Jerry Jones, should take some responsibility for encouraging the Rams move to Los Angeles.
Months before this, Kaplan also reported that the league quietly charged each team $7.5 million to cover specific settlement costs. It’s unclear if that might impact the vote. To reiterate, the Rams relocation settlement money has already been paid out to the St. Louis region and the upcoming meeting is a formality as to who owes money because of it.