Aug 25, 2010 11:10 PM
ATLANTA (AP) - The NFL has unanimously approved a proposal for Stan Kroenke to take over as majority owner of the St. Louis Rams as long as he turns over control of his NBA and NHL teams to his son.
Kroenke owns 40 percent of the Rams and has exercised an option to buy the remaining 60 percent of the team from the Rosenbloom family for a reported $750 million.
But first he had to deal with NFL rules against cross-ownership of major league franchises in other pro football cities. He already owns two Denver-based teams, the NBA's Nuggets and NHL's Colorado Avalanche.
NFL owners approved Kroenke's deal Wednesday on condition that he turn over operational and financial control of the Nuggets and Avalanche to his son, Josh, by the end of the year. He must give up his majority stake in the teams by December 2014.
(Copyright 2010 by The Associated Press. All Rights Reserved.)