The Rams are in negotiations to buy the site of the former Woodland Hills Promenade mall and build a team practice facility there. The new stadium in Inglewood will play host to Rams and Chargers games. Did Anyone Else Notice That Stan Kroenke Just Won Four Professional Championships In 135 Days? Submit a correction suggestion and help us fix it! Although the NFL had reserved space for a two-day meeting, the owners were impatient. 2023 ABG-SI LLC. That vote passed 30-2. Stan Kroenke is worth $8.3 billion and owns multiple sports franchises Compared to the likes of Jerry Jones and James Dolan, Stan Kroenke is a pretty low-key owner. The plan was for each team to collect an estimated $400 million through season-seat licenses to help fund the most expensive stadium in North America and possibly the globe. The two sides of the Waggoner family who have been fighting over the estate will each retain 12.5% of the mineral rights in any sale. He has kept us informed of it. Click here to read The MMQBs Complete NFL Owners Guide. (AP Photo/Mark J. Terrill). Honored by the Pro Football Hall of Fame in recognition of his long and distinguished reporting in the field of pro football, Sam Farmer has covered the NFL for 25 seasons. 2023 Celebrity Net Worth / All Rights Reserved. Philip Anschutz, a tycoon whose Anschutz Entertainment Group owns Major League Soccers Los Angeles Galaxy, was 18th in the rankings. They broke ground 10 months later, Kroenke and Goodell and Inglewood Mayor James T. Butts Jr. wearing white hard hats as they plunged silver-tipped shovels with red bows into the soil at Hollywood Park the week before Thanksgiving. Kroenke bought the office building on Oxnard Street on Friday, the Kroenke Group confirmed. As costs went up as dramatically as they did, the fact that Stan didnt cut corners or reduce the scope of the project engendered a tremendous amount of goodwill from owners and league executives., Marc Ganis, president and founder of the Chicago-based sports consulting firm SportsCorp. He is the owner and founder of Kroenke Sports and Entertainment, a holding company that owns a wave of different teams across the sports world. Through Kroenke Sports and Entertainment, he is the owner of several teams. I was standing by the window in my office and Stan called. Stan Kroenke is one of them. When it comes to leading landowners with sports teams, no one can compete with Kroenke, [whose companies control] Arsenal, the NFLs Los Angeles Rams, the NHLs Colorado Avalanche, the NBAs Denver Nuggets, and MLSs Colorado Rapids., Original reporting and incisive analysis, direct from the Guardian every morning. Forbes reports his real-time net worth as of January 31, 2022, to be $10.7 billion. The signature elements were scrubbed from renderings presented to NFL owners four months later and a variety of features, such as a farmers market, were added. That group includes Sean McVay, Aaron Donald and Matthew Stafford, while Jalen Ramsey also lives in Hidden Hills, too. Still, it was uncomfortable to give a fellow owner a public thumbs down, especially with the stakes so high. KSEs sports holdings include the NBAs Denver Nuggets, the NHLs Colorado Avalanche, Major League Soccers Colorado Rapids, and indoor lacrosse team Colorado Mammoth. Businessman, Sports and Real Estate Investor. Which first-round prospects should Raiders focus on at combine? He founded Kroenke Sports & Entertainment in 1999, with which he purchased the Denver Nuggets, Colorado Avalanche, the Los Angeles Rams, and the Arsenal soccer club. Its something thats going to be in place and in his family long after hes gone, Terry Fancher, the executive managing director of Stockbridge, said at the time. The ranch currently employs 120 people, and several employees are multigenerational, with parents and grandparents having worked on the ranch before them. But unless they come to the city to ask for changes of some sort, and we grant them, they still have to do all whats required in the entitlements.. That could still be the plan now that Kroenke purchased the land, but it seems logical that the Rams would consider building their practice facility there. A team-by-team look at the NFL team owners who collectively control football and the richest sports league in the world. Reports Thursday night cited sources saying Kroenke had purchased the land. Projecting the futures of Kirk Cousins, Dalvin Cook and other Vikings veterans. A small yellow pipe stuck out of the dirt to mark the future site of the 50-yard line, amid heavy machinery and mountains of crushed concrete. Why the Packers' transition to Jordan Love, whenever it happens, will require patience, A new home for Michael Thomas? Here is how he accumulated that wealth. There was the sharp-elbowed competition between the Rams and Chargers, who will share the stadium, for the right to return the NFL to Los Angeles after the leagues two-decade absence. Theres a significant correlation between large landowners and sports franchises. Until further notice, the public will be able to see SoFi Stadium only from a distance. Prominent sports owner and billionaire Stan Kroenke, who just moved the NFL's Rams to Los Angeles, will purchase the W.T. Next in Line:Kroenkes son, Josh, is already the president of the Denver Nuggets and Colorado Avalanche, and is widely seen as the heir to Stans sports empire. The three-team race gathered speed. More On: lawsuits. That was back in 2020, and the expectation was that it would be completed by 2035 and would include a 10,000-seat entertainment and sports venue. We know that that (The Kroenke Group) have different interests and they might put a stadium there, Blumenfield said. He moved the Rams from Los Angeles to St. Louis and back to Los Angeles. Hes really looking at the long term. While for most that would seem outrageous, but for a guy worth $7.7 billion it is not that big a deal. You can change your choices at any time by visiting your privacy controls. The Rams countered with a more elaborate proposal that was estimated to cost close to $700 million. May 6, 2022 7:47 am PT. Kroenke was also granted an extended timeline to settle the debt, a nod from his fellow owners of the risk he absorbed in constructing a stadium where the league will plant its flag in the nations second-biggest media market. He also bought an MLS team, the Colorado Rapids, as well as a professional lacrosse team in Denver. Kroenke is married to one of the wealthiest women in America. His son took over control running the two teams in December 2014, and his wife took over ownership in 2015. Next up was Iger, among the worlds most powerful entertainment executives. "We have yet to decide what we are going to do with the property but we will look at all options, as we do with all our properties.". A few years later, he moved the team back to Los Angeles. In many ways, L.A. was more valuable to the NFL without a team than with one. He owns over 1.5 million acres of ranch land and about 60 million square feet of real estate, much of which is near Walmart stores. He built up SoFi Stadium that is far and away the most expensive sports stadium ever built. Stadium-related building permits filed with Inglewood through September 2019 are valued at about $2 billion, though the permits represent only a fraction of the projects construction costs. It needs to be like Mt. The sides of the stadium are open to the elements, allowing breezes to flow past 38 massive blade columns that support the building. Bernard Uechtritz, one of the property brokers, told the Guardian in October that about a dozen contenders emerged out of 700 initial requests from potential buyers of the ranch. But trouble lurked in an unexpected place. Together we make football, Demoff said at the end of the pitch. The Rams, as well as the L.A. Chargers, are poised to move into the state-of-the-art facility this season. ST. LOUIS The NFL and Rams owner Stan Kroenke will pay $790 million to settle a lawsuit filed by St. Louis interests over the team's relocation to Los Angeles, a joint . He already knew most, if not all, of the owners. Kroenke was estimated to be worth US$10.7 billion by Forbes in 2022. L.A. was the boogeyman. The ranch was put up for sale in 2014 following decades of disputes among the family over how to liquidate the property. Kroenke is not just the owner of the Rams. The project is a year behind schedule because of last years inclement weather, and it has doubled in costs. In 2010, Kroenke gained full ownership of the Rams. I think instead of overreacting we should make sure we do what's necessary to continue to support the team locally, which the fans have done in St. Louis, and make sure we can do whatever we can to make sure that team is successful in the St. Louis market.". He is also the majority owner of several working ranches, and is the ninth largest landowner in the country with 848,631 acres to his name. Plans call for the site where the Hollywood Park racetrack operated for 75 years to eventually be filled with millions of square feet of retail, restaurants, office space, residences and parks. The low-slung stadium in Inglewood shimmers amid palm trees and parking lots and a six-acre artificial lake, an artists rendering finally brought to life. When the wheels touched down in Van Nuys, a new chapter was underway. It would have parks and pedestrian-oriented open space. Ravens GM says he covets QBs, Colts GM pins moving up to 'guy worthy of it', McCarthy: 'New voice' calling plays will help Dak, Out of dark, Rodgers vows decision coming soon, Survey: Vikes, Fins, Raiders top FA report cards, Judge OK's some Flores claims vs. NFL for court, Chargers GM halts speculation: Allen staying put. Yes, the man is worth $7.7 billion, and he obtained some of it in a way every guy has dreamed of. For all the twists and turns over the past five years, SoFi Stadium and Hollywood Park are exactly the vision laid out in 2016, said Kevin Demoff, chief operating officer of the Rams. "Stan is a very large developer on a global basis. The water had to be pumped out each time and the area dried before work could resume. "While we can confirm media reports that we recently purchased land in Inglewood, as a private company we don't typically discuss our plans for commercial or residential investments," the statement said. Kroenke, 62, has been 40 percent owner of the Rams since Georgia Frontiere brought the team to St. Louis from Los Angeles in 1995. Throw in his interests in the other teams - he has had to offload his majority stakes to satisfy NFL rules and his real-estate ventures and Kroenke's net worth is $8.2 billion. https://theramswire.usatoday.com/2022/05/06/rams-woodland-hills-promenade-practice-facility-kroenke/, Bob Blumenfield told the Los Angeles Daily News, Your California Privacy Rights/Privacy Policy. Ridge sent a letter to Jerry Richardson then owner of the Carolina Panthers and chairman of the NFLs six-owner Committee on L.A. Published: Nov 24, 2021 at 03:32 PM. Bobby Patton, a co-owner of the Los Angeles Dodgers, bought the more than 173,000-acre York Ranch in New Mexico in 2014. The settlement stems from a . Six weeks after Kroenkes announcement, the San Diego Chargers and Oakland Raiders revealed their joint pursuit of a stadium in Carson on 168 acres atop an old landfill. They were just way off. They also are paying a $650-million relocation fee to the league, as are the Rams. He began the 25-minute talk with 30 renderings that showed the stadium and ended with excerpts from two columns by Bill Plaschke of The Times, pleading for the Rams to return. Net Worth:$8.3 billion (per Forbes in 2018), Franchise Valuation:$3 billion (per Forbes in 2017). Newer NFL stadiums are vertical, with the vast majority of seats located between the goal lines. Yes, the man is worth $7.7 billion, and he obtained some of it in a way every guy has dreamed of. #afc. Im going to look at all our options. Though civil in public, the competition played out through a series of presentations to NFL owners and executives, updated renderings, community outreach events and frequent media leaks. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy, Click here to read The MMQBs Complete NFL Owners Guide. Kroenke isn't just one of the richest NFL owners. Please check your email for a confirmation. Forbes reports that he owns 60 million square feet of real estate, with most of it being shopping plazas around Walmarts, and an. He knew the lay of the land in Inglewood, and he knew about the Hollywood Park site, which the NFL already had approved in the early 1990s when legendary Raiders owner Al Davis wanted to build there. Where will the Rams call home next season? I said it to the ownership: Guys, weve got to look upstairs and thank Stan Kroenke for wanting to do this project for Los Angeles.. In early January 2015, Kroenke publicly unveiled what had been in the works behind the scenes for at least a year and a half. Kroenke got six votes for the worst owner in the league, followed by three for Miami's Jorge Mas and three for San Jose . Kroenke has a long history with the Los Angeles Rams. Top draft prospect Carter charged in fatal crash, Trade Lamar? In all, Kroenke has sunk about $325 million into the neighboring properties. And speaking from a building perspective, it really couldnt have come at a worse time.. As a developer, Stan Kroenke gets some of his most productive thinking done before sunrise. We, Yahoo, are part of the Yahoo family of brands. Representatives for the sale declined to disclose the terms for the purchase. His wife, Ann Walton Kroenke, ranks 261st with a net worth of $8.7 billion. His homeowners group supports improvements in Warner Center but will press for any proposed development plan to address ways to control noise and traffic, such as an expanded freeway offramp and street widening. It defied logic, the nations No. That's how badly they want an NFL team in LA. Roger Vincent covers commercial real estate for the Los Angeles Times. According to Sam Farmer of the Los Angeles Times, Rams owner Stan Kroenke has purchased a parking lot 60 acres in size between Hollywood Park and the Los Angeles Forum, and the Times writes that . The company did not disclose how much Kroenke paid for the building and surrounding land. Although questions remain whether they will be allowed to use the 70,000-seat venue because of concerns over the spread of COVID-19. If the Chargers were to decline, the Raiders would get the same offer. The nations fourth-largest owner, Brad Kelley, has established his Thoroughbred stable as one of horse racings leading contenders, said Eric OKeefe, editor of the Land Report. With a resolution within reach, Jones ordered beer and wine to be delivered to the ballroom. This is the first time the ranch, established in 1849, has ever been sold. Kroenke's statement did not say what his offer for the team will be. On the first ballot, owners voted 21-11 in favor of the Inglewood proposal, three votes shy of the 24 needed to pass. Quite simply, this is a historic and. Kroenkes holding company also owns Arsenal, an English Premier League soccer team, which recently tried to change the European soccer system. His relative silence, however, belies a massive financial and pro sports portfolio. The NFL canceled its preseason too. Kroenke began acquiring Arsenal shares in 2007. When the Waggoner was put up for sale, ranch staff worried about the new owners intentions, fearing he or she could divide up the land and fire employees. In 2010, he exercised his right of first refusal and bought the remainder of the Rams from Georgia Frontiere. Its iconic, said Jerry Jones, the Dallas Cowboys owner and Los Angeles native who played a key role in pushing the ambitious project forward. But Kroenke wanted to get a better look at the place that was still a racetrack, and wouldnt be demolished for two more years. Developers finally announced in May 2017 that the stadiums opening would be delayed by a year. Rams owner Stan Kroenke poured six years and at least $5 billion into the 3.1-million-square-foot building that looks as if it arrived from another world. Kroenke was ninth on the Land Reports 2015 list of largest landowners in the US. Can the Lions fix their defense? As costs went up as dramatically as they did, the fact that Stan didnt cut corners or reduce the scope of the project engendered a tremendous amount of goodwill from owners and league executives, said Marc Ganis, president and founder of the Chicago-based sports consulting firm SportsCorp. His involvement in the NFL started in 1995, when he purchased a 40 percent stake in the team, in 1995, when the Rams relocated to St. Louis. In 2012, the St. Louis Convention and Visitors Commission proposed a $124 million upgrade to help the Edward Jones Dome reach the "first tier" standard. Those gradual, contiguous bowls, with a large percentage of seats in the end zones, do not generate the kind of revenue that attracts NFL owners. If the teams are allowed to play at SoFi Stadium, its conceivable that they will do so minus fans. The Rams' owner just rejected a $2.55 billion offer for Arsenal Kroenke formed another real estate company in 1991, THF Realty (which stands for To Have Fun). In August 2014, the Cowboys owner sat behind his desk, and across from a reporter, in his makeshift office a converted room at the Courtyard hotel in Oxnard as his players ran through training camp drills at the neighboring field complex. 32 NFL players who could change teams this offseason, Disputed loan at center of Commanders probe, 2023 NFL franchise tag tracker: Commanders' Payne first to be tagged, Meet the man scouring Nigeria for the next generation of NBA and NFL talent, 2023 NFL combine preview: 15 future fantasy football stars to watch, Covered Rams for nine years for stlouisrams.com, Previously covered University of Missouri football, Member of Pro Football Writers of America. Kroenke out here buying mega ranches but all he can do for Arsenal is buy a DM that doesn't get put in the squad :/, Arsenal owner Stan Kroenke just bought a $750 million ranch. Chargers owner Dean Spanos leaves a conference room during the NFL owners meetings in March 2018. When asked whether he believes the Rams and St. Louis have had ongoing dialogue, Goodell indicated that he wouldn't categorize the discussions as "active negotiations" but there have been "a lot of discussions.". Even if spectators can attend, it will likely be in far lesser numbers than anticipated because of the social distancing rules that will be in place. That pricing heightened tensions because it established an eyebrow-raising contrast between the clubs, and offered Kroenke little relief to offset construction costs. If her name sounds familiar, it's because she is the daughter of co-founder James Walton and niece of Walmart founder Sam Walton. The 13-story tower sits on a 25-acre site ripe for development as Los Angeles officials push to make Warner Center a more bustling urban environment where people live, work, shop and find entertainment. On June 5, an ironworker named Juan Becerra died after falling an estimated 110 feet from the stadiums roof through a hole created by the removal of a panel for maintenance. They ate at an upscale steakhouse next to the hotel, and Jerry Jones raised a glass of bourbon to toast the occasion. Reports of Kroenke's net worth vary depending on the source. He had been involved with the north London club. Rams Owner Stan Kroenke Becomes Sole Owner Of Arsenal FC, It Is Going To Cost Stan Kroenke A Small Fortune To Move The Rams To Los Angeles. Welcome to the NFL owners club, Jones could see the bigger picture coming into focus, Commentary: How SoFi Stadium makes a revolutionary design promise: A place for all to play, Kroenke publicly unveiled what had been in the works, A report by former secretary of Homeland Security Tom Ridge, San Diego Chargers and Oakland Raiders revealed their joint pursuit, eventually resolved them by paying $29 million, then-Walt Disney Co. Chief Executive Robert Iger. Kroenke is financially responsible for the $5 billion SoFi Stadium, the signature building in his sports and entertainment complex stretching over nearly 300 acres, in nearby Inglewood, Calif. In February of last year, an arbitrator heard both proposals and ruled in favor of the Rams. When Bud Walton died, they inherited a $4.8 billion stake in Wal-Mart. When Kroenkes vision for the SoFi Stadium complex is complete, the football arena will be surrounded by a complex 3 1/2 times the size of Disneyland containing a performance venue, hotel, stores, restaurants, offices, homes and a lake with waterfalls. So many before Kroenke had tried. Reason 3: I hate any team that tries to buy a trophy. Kroenke isn't just one of the richest NFL owners. The frequent downpours left water 12 to 15 feet deep in the excavation site that at times resembled a lake. When Frontiere died in 2010, he bought the remaining interest in the Rams. Kroenke bought the ranch in a private transaction with the family owners of the Waggoner. Billionaire Stan Kroenke, owner of what are now the NFL's Los Angeles Rams, has purchased a massive Texas ranch that had a $725 million price tag. And speaking from a building perspective, it really couldnt have come at a worse time., Bob Aylesworth, the principal in charge for the joint venture overseeing the project. 2 market without its most popular sport. A rendering of Farmers Field, a proposed football stadium in downtown Los Angeles. The league was determined at long last to decide how and where to return to L.A. Share this article. In the Owners Words:When you look at where we are focused as a league, Kroenke said in 2016, Rams are playing the Giants in London this season, Arsenal is playing over here and the NBA is playing games in London. But Kroenkes dilemma isnt solved after his colleagues scratched an impressive check. NFL owners gathered Jan. 12, 2016, at the Westin Houston, Memorial City hotel. He also started THF Realty in St. Louis in 1991. In 2012 he bought a 124,000-acre ranch in Montana called the Broken O Ranch. ST. LOUIS - NFL commissioner Roger Goodell confirmed Friday that St. Louis Rams owner Stan Kroenke informed the league of a recent purchase of a 60-acre tract of land in Inglewood, Calif. The Chargers and Raiders hired then-Walt Disney Co. Chief Executive Robert Iger to oversee their stadium effort. The record rainfall that delayed the buildings opening by a year. Kroenkes two sites in the Warner Center neighborhood are expected to become part of a sprawling mixed-use complex that may include stores, restaurants, hotels and residences, along with a training facility for the Super Bowl-winning football team. Rich L.A. homeowners are snapping them up, Elizabeth Holmes cites her new baby as a reason she should avoid prison for Theranos scam. Strangely, the owners took a step backward in the second try, voting 20-12 for Inglewood. Between 1995, when the Rams and Raiders left, and 2016, when the Rams returned, two franchises relocated and two more were formed. In fall 2018, the Chargers announced their new home would feature more than 26,000 seats priced between $50 and $90 per ticket, plus a one-time personal seat license fee of $100. At Tuesdays virtual owners meeting Kroenkes request was unanimously approved. Planned additions to the neighborhood include a proposed $1-billion complex on Warner Center Lane with offices, stores, restaurants, residences and a hotel that would replace a 1980s-era office park. Its incredibly exciting that the Kroenke Group has acquired the old Anthem sites, expanding their future footprint in Warner Center, L.A. City Councilman Bob Blumenfield said. SoFi Stadium will also be the site of Super Bowl LVI on February 13, 2022. In 1974, Kroenke married Ann Walton, an heiress to the Walmart fortune. In Warner Center, Kroenke bought the former Woodland Hills Promenade shopping center for $150 million in March. Forbes reports his real-time net worth as of January 31, 2022, to be $10.7 billion . Not only did Jones recognize the potential of the NFLs return, but also he felt a deep connection to Southern California. And the win would come in the Rams' home. 1 seed in West. Nathan Fenno is a sports enterprise reporter for the Los Angeles Times focused on investigations, features and in-depth stories. Thats whats really special about this, how Stan has been able to design something that does embrace Southern California.. There aren't many NFL team owners that command the spotlight. At an 8 p.m. news conference at the hotel, Goodell announced the decision while flanked by the three owners involved. NFL Committees:Media Committee, NFL Network Committee. The Federal Aviation Administration raised concerns the Inglewood stadium could interfere with the radar directing air traffic at LAX. Both Joneses, along with Buffalo Bills owner Terry Pegula, had a celebratory dinner that night with Kroenke, Demoff and the rest of the Rams contingent. Fortunately for Los Angeles Rams owner Stan Kroenke the answer from the NFL was "yes.". We're aware of it. Stan is one of the few.. But this stadium, there was no way Stan was going to cut costs in any way that would compromise the overall, long-term sense of quality or value. But real estate sources close to the deal who spoke on condition of anonymity said he paid about $175. A false narrative had taken root in some circles that Carson would win easily. The team is now worth $1.45 billion. The hotel set up temporary bars. He joined forces with the Stockbridge Capital Group, which planned a massive mixed-use development at Hollywood Park, to expand the project to include his 60 acres, a stadium and a performance venue. Stan Kroenke, the billionaire owner of the NFL's Rams, has agreed to purchase the historic W.T. It was purchased for $150 million back in March. Sam Farmer gives an update on the stadiums construction in December 2015. This isnt a small aspiration, Chris Meany, development manager for the Hollywood Park Land Co., said at the time. In this case, Jones understood the cast-iron will, steely nerves and financial means of Kroenke, listed last year by Forbes as the NFLs second-richest owner, with an estimated net worth of $9.7 billion. And large-scale mixed-use developments are already in the works. The Rams' owner is one of the wealthiest team owners in the league. Though the exact price tag for the stadium isnt clear because the venture is private and infrastructure costs for the surrounding development are folded into totals, public estimates have increased from $1.86 billion to $2.6 billion to $5 billion. Edward Sutelan is a content producer at The Sporting News. Kroenke became the majority owner of Arsenal in 2018 when Alisher Usmanov accepted a buyout offer believed to be in the region of 550 million. Kroenke moves team back to Los Angeles. The upshot is that sports is so global and thats where I think people are focusing for growth. Kroenke has not publicly discussed the stadium situation. Between November 2016 and February 2017, however, the LAX area received 15.4 inches of rain. He is also the largest stake holder in thePremier League football club Arsenal. How They Acquired the Franchise: Enos Stanley Kroenke came on as a minority owner of the Rams when they moved to St. Louis in 1995. Concern spread through NFL circles that the stadium project already facing an aggressive schedule with little wriggle room to finish in time for the 2019 season was falling behind. But the sweeping grace of the edifice stands stark in contrast to the difficulty in transforming the vision into concrete-and-steel reality. Kroenke spent $750 million to acquire the franchise. Opportunities again raising safety concerns about the Inglewood stadium. In truth, the majority of owners were squarely behind the Inglewood plan, some reasoning the competition wasnt close. He has land throughout the country and throughout the world. A lot of that real estate has been conducted through THF Realty, of which Kroenke is the founder and chairman. The Carson stadium design was revamped, including the addition of a cauldron where simulated lighting bolts would swirl when the Chargers played and a flame would burn in honor of the late Al Davis for their games. During a welcome rally at the Forum a few days later, Goodell lauded the future stadium. Whats more, during the period when L.A. was without a team, the widespread advent of the internet, NFL Network and DirecTVs Sunday Ticket, which allows fans to follow their favorite team from afar, made consuming football from the couch much easier. SoFi Stadium 's swooping lines are an . 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Packers ' transition to Jordan Love, whenever it happens, will require patience, a co-owner of the from... Women in America billionaire owner of the Los Angeles stadium could interfere with the Los Angeles elaborate! Of Super Bowl LVI on February 13, 2022 facility this season plan, reasoning.
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