November 26, 2021: On Wednesday, the city said that the National Football League and Los Angeles Rams owner Stan Kroenke is reaching a settlement with officials in St. Louis for $790 million.
The settlement stems from a lawsuit from the Rams’ relocation to Los Angeles in 2016. St. Louis County and the Regional Convention and Sports Complex Authority sued the NFL and the Rams. They claim the league did not honor its relocation policy and held good faith negotiations to prevent the Rams from relocating from St. Louis.
“This historic agreement ends a long chapter for our region, which secures hundreds of millions of dollars for our communities while they avoid the uncertainty of the trial and appellate process,” said St. Louis Mayor Tishaura Jones and county executive Sam Page, in a joint statement. “The City, County, and STLRSA are still determining the way settlement funds will be allocated.”
“The NFL and the city of St. Louis, St. Louis County, and the St. Louis Regional Convention and Sports Complex Authority can resolve the dispute fully,” added NFL spokesperson Brian McCarthy. “We appreciate the work by all parties to reach a settlement and thank Judge Jack Garvey for his service as a mediator.”
The settlement is coming just before a trial is set for January. Earlier this month, the NFL and Rams lost their effort to have the case tried elsewhere in Missouri instead of the team’s former home of St. Louis.
The defendants in the lawsuit are Rams owner Kroenke Sports & Entertainment, the other 31 professional football teams, and their owners. The suit sought almost $1 billion in damages.
The St. Louis Post-Dispatch first reported the settlement.
The NFL risks sensitive documents about NFL owners’ finances from the public if the case reaches trial. St. Louis Circuit Judge Christopher McGraugh, who handled the case, issued a nearly $44,000 fine to four NFL owners for failure to turn over the financial documents last October. One more hearing on the matter was also scheduled in December.
St. Louis officials sought financial damages they are claiming they suffered when the Rams moved to Los Angeles. The move is leaving St. Louis with debt on the team’s former stadium, built with public funds.
Officials alleged the city lost amid $1.85 million and $3.5 million per year in amusement and ticket tax collections, one more $7.5 million in property tax, and $1.4 million in sales tax, which totaled more than $100 million lost in annual revenue.
The suit also claims the County of St. Louis lost hotel, property, and sales tax revenue after the Rams relocated. According to the case, the impact on the state totals more than $15 million, which used figures from the Missouri Department of Economic Development.
According to the suit, St. Louis officials sought a piece of the increased valuation associated with the Rams’ relocation.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
When Darren Woods took the reigns of ExxonMobil six years ago, no one could have anticipated that the Kansas resident would soon face what Texas oil patch vets call “a whole pile of trouble.” Three years later, the oil market collapsed during the COVID-19 pandemic, which dealt the 140-year-old oil organization its first annual upset in four decades.
Today oil and gas producers face severe regulatory and public relations obstacles due to the concern with greenhouse gases and resource depletion. Calgary-based start-up, Advanced Upstream (“AU”), has been disrupting the oil and gas industry with simple and reliable innovative technologies. AU’s products help the oil and gas producers to enhance energy production while reducing the corresponding environmental impact. By decreasing personnel and time on site, and lowering overall HSE risks across the board, the clients can see a notable improvement in their ESG rating, contributing to their bottom line.
Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
The activation of the Fallon Two Rock solar farm project has recently bolstered the Californian energy …