NFL Collective Bargaining Agreement

Article 12
Revenue Accounting and Calculation of the Salary Cap

Section 1(a)(x)(1)
All Revenues

For purposes of this Article, and anywhere else stated in this Agreement, revenues shall be accounted for in the manner set forth below.

(a)(x)(1)

Notwithstanding any other provision of this Agreement, but subject to Subsection (x)(5) below, the NFL shall be entitled to exclude from AR: (i) the Los Angeles Fan Club memberships (PSLs) as previously agreed as set forth in the parties’ prior letter agreements on this subject; and (ii) thirty percent (30%) of the Incremental Revenue generated by the Los Angeles Rams and Los Angeles Chargers (as defined in this Section, the “LA Incremental Revenue Exclusion”) until such time that the total exclusions equal the private cost (including, without limitation, financing costs) to construct the stadium, net of PSLs plus interest, as defined in Section 1(a)(xiv). Financing costs shall be calculated at the NFL’s long-term borrowing rate as of the opening of the stadium.