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(AP) -- ST. LOUIS - A panel of arbitrators has ruled in favor of a $700 million plan by the Rams to renovate the Edward Jones Dome.

The team has announced Friday that the arbiters chose the Rams' proposal for upgrades to the team's home over another plan - which would cost less - by the city's stadium authority.

The St. Louis Convention and Visitors Commission proposed $124 million in renovations.

Rams chief operating officer Kevin Demoff said in a statement that the decision "acknowledges that significant improvements are required to put the Edward Jones Dome on equal standing with most National Football League stadiums."

The CVC has 30 days to accept or reject, or the sides will go to a year-to-year agreement and the Rams could leave St. Louis after the 2014-15 season.

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