US District Court Judge Stephen N. Limbaugh, Jr. ruled last week that anyone who got one of the original PSLs to watch the Rams play football at St. Louis may be entitled to some sort of compensation for one day, but they are not entitled to buy (and probably sell at a high price) tickets to watch them play in Los Angeles. It was just another football-related courses in the city, to be used to them now.
Given everything that happened, because it is strange to recall how St. Louis lost its collective mind in 1995. Things were a bit desperate. We have been through the great flood of 1993. McDonnell Douglas was persecuted Boeing. NFL left St. Louis in 1987. The Cardinals were saving kick and Major League Baseball players were on strike. But despite everything, the Missouri legislature has ponied up half the cost of new, built-on-spec domed stadium in the city center.
When St. Louis failed to win an NFL expansion team in 1993, it needed a tenant NFL in the worst kind of way. That is exactly how we got the Rams.
The late Jerry Clinton, beer wholesaler who got a stadium outside the country, was pushed by local bigshots who deemed him sufficiently rich. They formed FANS Inc. (Football at the new stadium) and began trailing his coat in Los Angeles. They needed a really rich guy to show NFL, so signed up to Columbia, MO, real estate tycoon named Stan Kroenke. Due diligence was scarce.
PSLs was a new concept at that time. They were brought before the NFL a few years earlier Max Muhleman, in Charlotte, NC, marketing manager. They were used to help finance the stadium for the expansion Carolina Panthers.
In early 1995, fans Inc. put 46,000 PSLs for sale and received 73,710 requests. About 53,000 were eventually sold. Most of them were cheaper for upper bowl seats in what would soon become the TWA Dome. But others were for $ 4,500 lower bowl seats. At St. Louis, we easily.
Most of the money went to the Rams, in one form or another. Part of it paid for the Rams Park practice facility now empty in Earth City. Rams lease agreement gives the opportunity to buy this property for $ 1 in 2024. If anyone thinks Stan Kroenke will try to take advantage of this option, however, paid no attention.
Even before renting rams at the stadium, now the Edward Jones Dome, hit his 20-year reopener clause, Kroenke was buying property in Inglewood, California. It was supposed to be a Walmart. Sure it was.
Meanwhile, as the Rams endured a lost season after season, the bottom fell out of the PSL retail market. The Rams were selling their own PSLs, it creates two classes of PSLs, the original FANS Inc. those products sold and the team itself. It turns out that fans Inc. PSLs have a termination clause if the team moves. Rams version is not sold.
The judge ruled that the fans of Rams sold PSLs should be able to apply them in Los Angeles, Kroenke prepare a few thousand dollars. We hope so just.