May 20 (UPI) -- NFL owners have approved a loan for an additional $500 million to help build the Los Angeles Rams' new stadium.
Sources told The Athletic and the Los Angeles Times of the approval Tuesday after league owners met for a virtual meeting. The Rams previously borrowed $400 million from the league's stadium lending program for the Inglewood, Calif., facility.
The price tag for SoFi Stadium, which will be shared with the Los Angeles Chargers, was $2.2 billion when owners approved the Rams' proposal for the complex in 2016.
SoFi Stadium will have a capacity of 70,000, but has the ability to expand to 100,000. The stadium features a transparent dome and a 70,000-square-foot, double-sided video board, called the Oculus --the largest LED playback system ever used in a stadium.
SoFi Stadium and its retail and entertainment district now has an estimated cost of more than $5 billion. It is scheduled to open this summer, but that could be impacted by the coronavirus pandemic.
The stadium planned to open with two Taylor Swift concerts in July, but the singer has canceled the remainder of her 2020 tour due to the pandemic.
The Rams plan to play three preseason games at SoFi Stadium, with the first game on Aug. 13 against the New Orleans Saints. SoFi Stadium also will host the Super Bowl in 2022, the College Football Playoff national championship in 2023 and will be a site for the 2028 Summer Olympics.