Arsenal owner Stan Kroenke has received a boost in a £1billion project after £335million worth of funding was given the green light.
Kroenke is looking to build a 1.6-mile elevated rail line connecting downtown Inglewood with the emerging sports and entertainment centre around SoFi Stadium as construction looks set to get underway next year. The goal is to have it up and running in time for the 2028 Summer Olympic and Paralympic Games.
The Arsenal owner, who is largely represented in the UK and at Arsenal by son Josh, built the £4.1billion SoFi Stadium complex and is now aiming to improve the residential and retail aspect surrounding the stadium. The California State Transportation Agency have backed the project to the tune of £335m to take the total funding up to £414m with around £620m still required, which they plan to get from the federal government.
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Via LA Business Journal, Inglewood Mayor James Butts said in the city’s announcement of the state funding: “Over the past decade we have been able to attract unprecedented economic investment in our city, but it’s success will ultimately be based on whether our residents, employees and patrons have a quality transit option to get to these new amenities."
This project is just another of Kroenke looking to expand his business interests in the USA following the acquisition of a Los Angeles mall for £270m in December. Kroenke plans to move the LA Rams in there and his recent deals indicate that the investor is keen to continue the growth of his portfolio and cement his commercial interests in California.
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