St. Louis council green-lights financing package for new stadium

The city of St. Louis has taken another step toward potentially keeping the Rams in town long term.

A financing package for a new football stadium was officially approved Friday in a 17-10 vote by the city's board of aldermen.

"We now have more work to do to prepare our St. Louis stadium proposal for delivery ahead of the NFL's deadline of Dec. 30," a task force of state and local officials said in a statement, according to Nicholas J.C Pistor of The St. Louis Post-Dispatch.

"We recognize that our proposal will require extensive review before it is considered for approval by the NFL. We are confident that it will be well received."

The bill lays out a plan in which the city would contribute $150 million toward the $1.1-billion stadium project, with the remainder coming from the state of Missouri, the NFL, and Rams owner Stan Kroenke.

Approval for financing certainly won't bring an end to speculation that the Rams could be one of a possible two teams relocating to Los Angeles for next season, a move Kroenke has long been thought to be seeking.

The package is, however, a key component of the city's ability to present the Rams, and the NFL, with a viable stadium proposal.

The San Diego Chargers and Oakland Raiders are the two other teams currently pursuing a potential move. Neither appears to have a viable stadium plan in their current market, and it's unclear whether one will take shape in the coming weeks.