From an October 14 ESPN.com article:

Rush Limbaugh is expected to be dropped from a group bidding to buy the St. Louis Rams, according to three NFL sources.

Dave Checketts, chairman of the NHL's St. Louis Blues and the point man in the Limbaugh group attempting to buy the Rams, realizes he must remove the controversial conservative radio host from his potential role as a minority member in the group in order to get approval from other NFL owners, the sources said.

Three-quarters of the league's 32 owners would have to approve any sale to Limbaugh and his group. Earlier this week, Indianapolis Colts owner Jim Irsay predicted that Limbaugh's potential bid would be met by significant opposition. Several players have also voiced their displeasure with Limbaugh's potential ownership position, and NFL Players Association head DeMaurice Smith, who is black, urged players to speak out against Limbaugh's bid.

Ultimately, the sources said, Checketts must reconfigure his group and find another investor to make his bid more viable.

Exactly when Limbaugh will be dropped is uncertain, though some familiar with the situation said it could be within the next week. It is unclear if the two sides even have spoken.

Previously:

Limbaugh's “color-blind” history of racially charged comments
NFL commissioner Goodell: Limbaugh's “divisive comments are not what the N.F.L. is all about”
Stick a fork in Limbaugh's NFL dream, it's done
Colts owner Irsay “couldn't even think of” supporting Limbaugh's Rams bid due to his divisive rhetoric
NFL players' union opposes Limbaugh's bid for Rams, says football “overcomes division and rejects discrimination and hatred”
NFL players reportedly say they “wouldn't play for” Limbaugh-owned team due to his “flat-out racist” comments
Sports media gang-tackle Limbaugh's bid to buy St. Louis Rams