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 of the bid, by securing financing from Bank of America.
Per Vincent Bonsignore of the Los Angeles Daily News:
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.
The Raiders have been planning all offseason to move to Vegas, having NFL ($500 million), along with a tax increase on Vegas hotels ($750 million), and the team had been looking for another to cover all of part of the $650 million that Adelson was going to put into the project. (Adelson said he was having his in the deal.)in mid-January. The proposed $1.9 billion stadium has financing coming from the Raiders and the
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.