The National Football League today finally signed off on a cross-ownership arrangement five years in the making that lets sports magnate Stan Kroenke hang onto his St. Louis Rams and keep his Denver Nuggets and Colorado Avalanche in the family.
The plan reportedly calls for Kroenke to formally transfer ownership of basketball's Nuggets and hockey's Avalanche to a family trust with his son, Josh Kroenke, continuing to run the Colorado franchises. Kroenke turned over day-to-day operations of the Nuggets and Avs to Josh Kroenke two years ago.
NFL rules say that one of its owners can't also directly own pro franchises in another city with an NFL team.
Owners agreed to the cross-ownership plan at their meeting today. Kroenke bought the Rams in 2010 with the understanding that a cross-ownership deal agreeable to NFL owners would be worked out.
The Times suggests that settling the matter removes one obstacle to Kroenke's desire to move the Rams to Los Angeles, where he plans to develop a stadium complex.
According to SportsBusiness Journal, Kroenke gets to keep his Pepsi Center — the Nuggets' and Avs' arena — as well as his Altitude Sports and Entertainment broadcast properties.
