The Oakland Raiders planned relocation to Las Vegas, which looked dead after two major financiers pulled out of the funding for a new stadium, could be alive again.
The Raiders’ relocation may be in the process of being revived, according to a report.
#NFL source said #Raiders exec Marc Badain told the league the team has two banks ready to loan money for the Las Vegas project.
— Jason Cole (@JasonColeBR) February 16, 2017
The Raiders move to Las Vegas had stalled after billionaire casino magnate Sheldon Adelson withdrew his pledge to contribute $650 million to fund a $1.9 billion, 65,000-seat domed stadium in Las Vegas. Adelson said the Raiders froze him out of negotiations with the city for revenue sharing.
The Raiders claimed investment firm Goldman Sachs was prepared to step in and provide the $650 million, but the firm also dropped out. Goldman Sachs and Adelson have a long history of doing business together and the investment firm may have decided that the financial structure for the new stadium wasn’t stable enough to approve a financial package.
In addition to Adelson’s contribution, the original stadium financing plan called for the city of Las Vegas to provide $750 million while the NFL and the Raiders would add $500 million.
Las Vegas’ $750 million and the $500 million from the NFL and the Raiders is solid. The Raiders claim of securing two banks that will provide the $650 million could be real, after all, the value of most major professional sports franchises continues to increase.
The Raiders formally submitted an application to relocate to Las Vegas in January. They need at least 24 owners to approve their request for the relocation to move forward.
— Geoffrey C. Arnold | @geoffreyCarnold
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