Walk into SoFi Stadium on a Sunday and it hits you. The scale is just stupid. It’s a $5.5 billion masterpiece—a glass-canopied beast that looks more like a spaceship than a football field. It is the most expensive stadium ever built on this planet. Naturally, when people see something that pricey, the first question is usually: "Whose tax dollars paid for this?"
The short answer? Not yours. Well, mostly.
While most NFL owners spend years begging city councils for hundreds of millions in public subsidies, SoFi Stadium was built on a different planet of finance. It was almost entirely privately funded. But "privately funded" is one of those phrases that hides a lot of drama, massive debt, and a few sneaky tax breaks that have Inglewood locals talking in 2026.
The Billionaire Who Bet the Farm
Stan Kroenke is the name you need to know. He owns the Rams. He also owns a massive real estate empire. When he decided to move the Rams back to LA, he didn't go the traditional route of asking the city for a handout. Instead, he basically said, "I'll do it myself."
Kroenke put up a staggering amount of his own equity. We're talking around $1 billion of his own cash. That’s a "burn the boats" kind of commitment.
But even billionaires don’t usually have $5 billion sitting in a checking account. To bridge the gap, Kroenke’s team, StadCo LA LLC, took out a mountain of debt. JPMorgan Chase stepped up with a loan that started around $1 billion and eventually ballooned. By 2018, the NFL had to raise the debt ceiling for the project because the costs were spiraling. By 2020, they’d added another $500 million in loans.
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Basically, Kroenke is the primary "payer," but he’s paying it back over decades using the stadium's own success.
The NFL’s G-4 Loan Program
The league isn't just a spectator in this. The NFL has something called the G-4 loan program. It’s a pot of money designed to help teams build new stadiums. They chipped in about $200 million. It’s not a gift; it’s a loan that gets repaid through the visiting team's share of club seat revenue.
Wait, What About the Chargers?
It’s easy to forget the Chargers live there too. They are essentially the ultimate "renters." Dean Spanos didn't pay to build the stadium. The Chargers paid a $650 million relocation fee to the NFL, but when it comes to the building itself, they are tenants.
They signed a 20-year lease. Their "rent"? It’s basically $1 a year.
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That sounds like a steal, right? But there's a catch. The Chargers had to turn over their personal seat license (PSL) revenue and a chunk of their ticket and sponsorship money to help pay down the stadium's massive construction debt. They get a world-class home, but Kroenke keeps the keys and most of the side-hustle revenue.
The "No Public Money" Myth
If you ask Inglewood Mayor James Butts, he’ll tell you the city didn't spend a dime of taxpayer money on construction. On paper, he’s right. No new taxes were passed to build the walls or the roof.
However, "no public money" usually comes with an asterisk.
The deal included a tax-reimbursement plan. The developers (Kroenke’s group) fronted the costs for public infrastructure—things like sidewalks, sewers, and road improvements around the Hollywood Park site. In exchange, the city agreed to pay them back.
Here is how that works:
- The first $25 million in tax revenue generated by the stadium stays with Inglewood.
- Anything above that $25 million goes back to Kroenke to reimburse those infrastructure costs.
- This reimbursement was capped at $100 million initially, but recently, things have gotten messy.
As of early 2026, there’s been a lot of friction. Reports have surfaced that the bill for these "public infrastructure" costs has allegedly climbed toward $376 million. There’s even been a $20 million "good faith deposit" from the city that became a legal firestorm. So, while you didn't see a "Stadium Tax" on your receipt, the city is effectively using future tax growth to pay Kroenke back for the "extras" he built around the venue.
Why This Model Changed Everything
Before SoFi, the standard move was the "Vegas Model" (Allegiant Stadium) or the "Buffalo Model" (the new Highmark Stadium). In those cases, taxpayers footed $750 million to $850 million of the bill.
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Kroenke’s private model was a gamble on real estate. He didn't just build a stadium; he bought the 298-acre Hollywood Park site. He’s building thousands of homes, a luxury hotel, and retail spaces. He’s not a football owner; he’s a landlord who happens to have two NFL teams playing in his backyard.
It’s a "lifestyle" play. The naming rights deal with SoFi—reportedly worth over $600 million over 20 years—goes straight into the pot to service that debt. Every Taylor Swift concert or World Cup match helps chip away at that $5 billion price tag.
Practical Realities for Fans
If you're wondering how this affects your wallet when you visit:
- Parking Prices: They are sky-high because that revenue is vital for debt service.
- PSLs: If you want season tickets, you likely paid thousands just for the right to buy them. That money went straight to construction costs.
- Concessions: Expect a premium. Every hot dog is a tiny payment toward Stan Kroenke’s loan from JPMorgan.
The Bottom Line
Who paid for SoFi Stadium? Stan Kroenke and a group of massive private lenders. The public didn't write a check for the construction, but the city of Inglewood is effectively "paying back" the developer for the surrounding infrastructure using the tax money the stadium itself generates. It is a high-stakes experiment in private enterprise. If the Rams and Chargers stay popular and Hollywood Park becomes a premier shopping destination, it’s a masterstroke. If the economy dips and those luxury suites stay empty, Kroenke is the one left holding the $5 billion bag.
For anyone looking to understand the future of sports business, keep an eye on the ongoing legal disputes between Inglewood and the Rams over those infrastructure reimbursements. The "private" nature of the deal is currently being tested in the courts. If you're a local, it's worth attending the next City Council meeting to see how much of that "surplus" tax revenue is actually staying in the community versus heading back to the developer's pockets.