St. Louis Rams sale agreement in place

The owners of the St. Louis Rams have entered into a signed agreement to sell a majority share of the team, the St. Louis Post-Dispatch reported, citing multiple NFL sources.

Owners Chip Rosenbloom and Lucia Rodriguez, who inherited the franchise from their late mother, Georgia Frontiere, have a signed agreement to sell their 60 percent stake in the Rams to Shahid Khan, the newspaper reported.

Khan, 55, is the president of Flex-N-Gate Corp., an auto parts manufacturer based in Urbana, Ill. Sources describe him as a Rams fan who has attended home games at the Edward Jones Dome and is committed to keeping the team in St. Louis, according to the report.

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The sale must be approved by the NFL’s owners.

Frontiere’s heirs, who took control of the team when she died in 2008, considered several bids for the company, including one from a group headed by St. Louis Blues chairman Dave Checketts.

According to the Post-Dispatch, Khan started working for Flex-N-Gate in 1970 and has owned the company since 1980.

Stan Kroenke owns the remaining 40 percent of the Rams and held right of first refusal to purchase the team. But as the owner of the Denver Nuggets and the Colorado Avalanche, he would be prevented from owning the team due to the NFL’s cross-ownership rules.

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