Investment firm hired to help keep St. Louis Rams at the Dome

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by Mike Colombo / News 4

KMOV.com

Posted on February 12, 2013 at 8:39 AM

Updated Friday, Nov 1 at 10:27 PM

ST. LOUIS, Mo. (KMOV)--There’s a development in the push to keep the Rams in the Edward Jones Dome and the NFL in St. Louis.

Our news gathering partners at the Post-Dispatch report the agency that owns the Edward Jones Dome has hired banking firm, Goldman-Sachs as an adviser.

Officials say Goldman-Sachs has been some part of every NFL stadium recently built. Board members also say while the $20,000/month fee seems like a lot to us, it’s not much for an agency like this to pay.

Goldman will advise the St. Louis Regional Convention and Sports Complex Authority on ways to pay for dome renovations, boost revenue if the rams leave the building, and how to finance the construction of a new stadium.

Earlier this month, arbiters ruled in favor of the Rams’ proposal to renovate the dome, calling for an estimated $700 million in upgrades. Officials say the fee paid to Goldman will come from the agency’s savings.

The authority receives $24 million-a-year from the state in which most of that money helps pay off bonds that built the $300 million dome.

The decision signals Missouri Gov. Jay Nixon and the authority to take on a larger role deciding the future of the NFL in St. Louis.

In a statement, Nixon said: “The state has a long-term interest in the future of the dome and in ensuring Missouri continues to be home to this proud NFL franchise.  I look forward to my continued discussions with Greg Carey of Goldman Sachs about this matter.”

Officials say the move shows Rams Owner Stan Kroenke that the region is serious about negotiating.

Mayor Slay’s Chief of Staff Jeff Rainford supported the decision saying “our goal is to keep the Rams in St. Louis with the least amount of public subsidy possible.”

Kevin Demoff, the Rams Chief Operating Officer, did not comment.

 

 

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