By Anne Thompson, CNN
(CNN) – The legal battle over who owns the Los Angeles Rams is over, the NFL and a shareholders group announced Friday.
The league had reached a settlement with the St. Louis Rams in a class-action lawsuit stemming from the team’s move to Los Angeles earlier this year.
“The class action settlement resolves all claims of Saints Management, or its predecessors,” the NFL’s statement read. “The NFL believes the settlement will be completely satisfactorily funded.”
At issue was whether the St. Louis investors are allowed to profit from the purchase of new season tickets after the Rams departed for Los Angeles.
In addition to these issues, a judge has ruled that the team must also pay $69 million for a lease modification for its current stadium in Missouri.
The current lease requires the Rams to play in the Edward Jones Dome until 2027. The lease also contains a $7 million penalty for each season the Rams fail to secure an NFL franchise that can move into the stadium. The Rams’ current lease runs through 2020.
A judge ordered the $69 million payment in August, after finding that the Rams had not complied with the terms of their lease.
NBA team Los Angeles Lakers on Friday bought its own naming rights for the downtown Los Angeles arena, which are largely believed to have been purchased by Rams owner Stan Kroenke, who is also the Los Angeles expansion applicant.
Kroenke’s company owns at least 33 acres in Los Angeles, which could be used for the stadium site.
He also owns 50 acres of land in Inglewood, the proposed location for the stadium.
“The NFL and Rams reached an agreement so that the litigation is over and it was in the best interest of the players, the coaches, the team personnel, the fans and the community, all of whom deserve certainty and certainty only this type of ownership can provide,” Rams president Kevin Demoff said in a statement.
St. Louis team spokesperson Scott Fitterer did not return CNN’s request for comment.
The NFL’s legal battle against the St. Louis investors is not the only lawsuit over the Rams’ relocation.
A group of 49 season ticket holders sued the NFL in July. That case was recently removed to a state court.