It's not going to happen. There is no way the league lets the conservative radio talk show host own a piece of the Rams, even if that piece is a blade of grass from the team's practice field. No way.
An institution as public-relations savvy as the NFL has to understand that letting in someone like Limbaugh would be akin to letting a Hatfield give the keynote address at the McCoy national convention. A league in which about 65 percent of the players are African-American is not going to risk the public blow back that would accompany a man who once made racially charged statements about Eagles quarterback Donovan McNabb.
So the debate over whether he should or shouldn't be allowed to join an ownership group looking to buy the Rams is moot. It's not going to happen.