ST. LOUIS (KSDK) - A plan to demolish the Edward Jones Dome and build a new stadium for the St. Louis Rams received the full support of an arbitration panel Friday afternoon.

The arbitrators' decision does not bind the CVC to adhere to the Rams' $700 million plan.

If the CVC does not meet that plan, however, the Rams and CVC will go to a year-to-year agreement, but the team could still leave town after the 2014-15 season.

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.

The arbitrators had the option to create their own plan but ultimately determined the Rams' plan was the only feasible option to reach the "first-tier" status, which was central to the arbitration.

The CVC has long claimed it would not be able to go beyond its proposal of $124 million; of that $124 million proposal, the CVC was responsible for $60 million of it. The Rams had agreed to help out with the rest of the money, but that was before they hired the same company who designed the Dallas Cowboy's new stadium and came up with a $700 million revamp of the dome.

Mayor Francis Slay released the following statement about the decision:
"The decision means that the Rams will have to go back to the drawing board. Nothing keeps them from playing in the Dome, or building a new facility in St. Louis or elsewhere in the region. This only answers a legal question about a line in a lease signed years ago. Going forward, I look forward to hearing what the Rams have in mind."