Raiders reportedly inform NFL that Bank of America will help finance Vegas stadium
The Raiders had to plug a $650 million funding gap that developed when Sheldon Adelson withdrew
By
Jared Dubin
•
1 min read
The Raiders are moving ahead with plans to move to Las Vegas, and on Monday they took a big step in that direction. The Raiders informed the NFL that they have plugged the financing gap that cropped up when billionaire hotel magnate Sheldon Adelson dropped out of the bid, by securing financing from Bank of America.
Per Vincent Bonsignore of the Los Angeles Daily News:
#Raiders informed #NFL they have secured Bank of America to complete the financing on Las Vegas Stadium plan
— Vincent Bonsignore (@DailyNewsVinny) March 6, 2017
This news came on the same day that Oakland mayor Libby Schaaf and her group gave a presentation to the NFL on their plans to attempt to keep the Raiders in Oakland.
FYI: On #Raiders, #NFL: Oakland Mayor and her group have wrapped up a 45-minute presentation to #NFL in Florida
— Vincent Bonsignore (@DailyNewsVinny) March 6, 2017
2. Was told by an #NFL source: "Bottom line, no new proposals or information on the foundational issues" (all of which have been laid out) https://t.co/1bbnKphsUL
— Vincent Bonsignore (@DailyNewsVinny) March 6, 2017
#NFL source: "no one from Mayor's group could confidently say stadium authority would exercise the 2-year termination clause on A's" https://t.co/wKL4eFG9U1
— Vincent Bonsignore (@DailyNewsVinny) March 6, 2017
The Raiders have been planning all offseason to move to Vegas, having filed for relocation in mid-January. The proposed $1.9 billion stadium has financing coming from the Raiders and the NFL ($500 million), along with a tax increase on Vegas hotels ($750 million), and the team had been looking for another investor to cover all of part of the $650 million that Adelson was going to put into the project. (Adelson said he was having his pocket picked in the deal.)
The Raiders’ move still needs to be approved by NFL owners, but securing the rest of the required financing was pretty much a prerequisite to getting that approval, so Bank of America joining the bid is a big development.
