Anaheim Says Lease ‘Intact’ Until It Gets Formal Notice, $2 Million

We have received notification this morning, shortly before 10 a.m., that the Rams intend to exercise their termination of lease option on May 3, 1994, as stated in Paragraph 29 of our lease agreement with them.

The agreement states that a 15-month notice to vacate must be accompanied with a $2-million payment for such an option to be effective. Until the city receives that notice and payment, our lease with the Rams remains complete and intact.

As we have already stated, we intend to do what we can in order to keep the Rams in Anaheim, but all parties must understand that we are financially limited as to what we can offer them. We have been good business partners with the Rams in the past, and believe Orange County has done a good job of supporting the franchise.

Because this formal notification won’t take place until May 3, we now have a window of opportunity in which to reach some kind of arrangement with the Rams that would keep them in Anaheim.

Based on the contents of the letter we have received, our next step will be to sit down with the Rams and discuss options and needs which could be the basis for a possible resolution of this situation.