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ESPN Report: Rams sale agreement in place

Discussion in 'American Football' started by Johnny Lightning, Feb 11, 2010.

  1. Johnny Lightning

    Johnny Lightning Go Bolts

    Feb 7, 2006
    ESPN.com news services

    The owners of the St. Louis Rams have entered into a signed agreement to sell a majority share of the team, the St. Louis Post-Dispatch reported, citing multiple NFL sources.
    Owners Chip Rosenbloom and Lucia Rodriguez, who inherited the franchise from their late mother, Georgia Frontiere, have a signed agreement to sell their 60 percent stake in the Rams to Shahid Khan, the newspaper reported.
    Khan, 55, is the president of Flex-N-Gate Corp., an auto parts manufacturer based in Urbana, Ill. Sources describe him as a Rams fan who has attended home games at the Edward Jones Dome and is committed to keeping the team in St. Louis, according to the report.
    Calls from The Associated Press to the Rams, Khan, his company and the NFL office were not immediately returned Thursday. Any sale would need to be approved by NFL owners.
    Frontiere's heirs, who took control of the team when she died in 2008, considered several bids for the company, including one from a group headed by St. Louis Blues chairman Dave Checketts.
    According to the Post-Dispatch, Khan started working for Flex-N-Gate in 1970 and has owned the company since 1980.
    Stan Kroenke owns the remaining 40 percent of the Rams and holds a right of first refusal to purchase the team. But as the owner of the Denver Nuggets and the Colorado Avalanche, he would be prevented from owning the team due to the NFL's cross-ownership rules.
    Forbes magazine has estimated the Rams franchise has a value of $929 million, though some experts have said a more realistic sale price will be closer to $750 million.
    According to federal court records in Illinois, the Internal Revenue Service accused Khan and his wife, Ann, of improperly sheltering $250 million in income between 1999 and 2003, reducing their taxes by $85 million. In an interview with The (Champaign) News-Gazette in early 2009, Shahid Khan said the couple paid the IRS $68 million to settle the dispute, but insisted he'd done nothing wrong.
    "There isn't a hint of a criminal issue here," Khan told the newspaper, saying he planned to try to get the money back through litigation. It isn't clear whether he's taken legal steps since then to recover the money.
    An IRS spokesman declined comment.
    Forbes last year ranked Flex-N-Gate as the 229th-largest private company in the U.S., with an estimated $2.14 billion in annual revenue. The company says on its Web site that it has more than 9,500 employees at plants and other facilities in the U.S., Canada, Mexico, Argentina and Spain.
  2. Workplay

    Workplay scompl

    Dec 24, 2009
    I was hoping LA's Ed Roski would be the buyer. :icon_evil:
  3. Sydalish

    Sydalish Addicted to Sports

    Nov 11, 2007
    Read a report the dude has had IRS problems and the owners still need ot vote to allow him in... they're VERY picky b/c one team failing would hurt them all.

    Interested to see how it all shakes out tho - I was kinda hoping the Rams would come back to LA too

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