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CVC must reimburse Rams $2 million, report says

3:59 PM, Apr 9, 2013   |    comments
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ST. LOUIS (KSDK) - The St. Louis Convention and Visitors Commission must pay the St. Louis Rams more than $2 million after the two sides went to arbitration, after failing to reach an agreement regarding upgrades to the Edward Jones Dome, according to story appearing in the St. Louis Business Journal.

In January, three independent arbitrators listened to the Rams and CVC present their cases on which option was best to update the Edward Jones Dome into a first-tier facility in the NFL. On Feb. 1, the arbitration panel gave its full support to the Rams' plan, a $700 million renovation.

However, due to the language in the original 1995 lease, the winner of the arbitration ruling was eligible for reimbursement to cover legal fees and court costs.  The Rams asked for $3.42 million, but the CVC countered with an offer of approximately $787,000 for arbitration.

Arbitrators ultimately settled on $2.01 million in reimbursement.

The St. Louis Rams released the following statement Tuesday afternoon: "All parties have agreed not to discuss publicly the arbitration process and we will continue to respect that agreement."

KSDK

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