ST. LOUIS (KMOV) – The St. Louis region scored a lot of green with the Rams settlement, but that cash has some people seeing red.
“There’s no transparency and it’s the public’s money,” stated former Rams season ticket holder Peter Fiore. “Why is it taking so long?”
In 2016 the Rams left St. Louis for Los Angeles. The next year, St. Louis City, County, and the Regional Convention and Sports Complex Authority (RSA) sued the NFL and Kroenke over the move.
In November 2021, they reached a $790 million settlement. After lawyer fees, St. Louis was left with about $513 million dollars.
Financial analyst Juli Niemann believes St. Louis missed out on making millions of dollars because the people in charge of the funds couldn’t agree on what to do with it.
News 4 Investigates did some math, because interest rates are constantly changing it’s hard to pin down an exact number, but it appears St. Louis could have made around $5 million if the money had been invested earlier.
“There’s a high degree of incompetence here,” Niemann said. “You don’t just sit around and stare at the check that somebody just gave you.”
The money from Stan Kroenke was wired over in December 2021. As of mid-October, it totaled $514,977,702, a bump of just over $2 million in about a year. It’s not much considering we’re talking about over a half billion dollars.
The money sat in a trust for five months, making no interest. They waited until the end of April to move it to an account, where it finally started earning interest at a low rate.
“It’s failure to prepare, they knew this money was coming eventually,” Niemann said.
If Niemann could turn back time, she’d invest in a state-backed fund called the Missouri Securities Investment Program. She described the program, which is set up just for cities, counties, and other political subdivisions, as “very safe and secure.”
The fund’s interest rate steadily increased over the past year and is now close to 4%. Based on News 4′s calculations, had the…
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