The official statement from the CVC is as follows:
The St. Louis Convention & Visitors Commission (CVC) delivered a response to the counterproposal of the St. Louis Rams, as required by the lease, rejecting the Rams' May 1 counterproposal. The St. Louis CVC expressed to the St. Louis Rams that it believes that it is in the best interest of the community and the Rams to engage in meaningful dialogue over the next two weeks, and looks forward to the opportunity to do so at the earliest convenience of Rams management.You may recall that there was a large economic gap between the two sides' individual proposals. The CVC offered a $124 million plan which called for the cost to be shared by the city and the team, and the Rams presented their own total-gut rehab plan with an estimated $700 million tag -- and no mention of who was supposed to pay for what.
So what happens now that each side has rejected the others initial offer? The two sides have 14 days to hammer out an agreement or the matter goes to binding arbitration.
