Raiders president has no comment on possible financial backing for Las Vegas stadium
Oakland Raiders president Marc Badain had no comment Friday when asked if he has told the NFL that two major financial institutions are prepared to loan hundreds of millions of dollars so the franchise can progress with the building of a multi-use stadium in Las Vegas.
Bleacher Report’s Jason Cole tweeted Wednesday that, according to a source, two banks will put up $650 million that Las Vegas Sands CEO Sheldon Adelson had pledged but withdrew last month to complete the proposed $1.9 billion domed stadium off the Strip near Interstate 15. Investment banking giant Goldman Sachs subsequently withdrew its financial support.
The Raiders filed relocation papers with the league to move from Oakland to Las Vegas last month.
Lease negotiations collapsed last month between Adelson and Raiders owner-general managing partner Mark Davis. The Raiders owner had submitted a lease agreement that offered to pay the Las Vegas Stadium Authority $1 a year in rent for the proposed 65,000-seat stadium.
Nevada public funding for $750 million through a hotel tax was approved by state legislators in October.
#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
Davis needs replacement financing in order before the other 31 owners can give the Raiders approval to relocate from the Bay Area to Las Vegas. The Raiders need 75 percent of ownership, or 24 votes, for the move to be approved.
The owners’ stadium and finance committees convene March 26 to 29 in Phoenix in an attempt to determine if the Raiders have made enough progress to warrant a vote. Owners also are scheduled to meet in late May in Chicago. At neither meeting are they obligated to vote.
For decades, Davis’ fellow owners have been unhappy that the Raiders rank near or at the bottom for generating local revenues. That could be blamed on Davis’ father, Al, who never made it a priority to increase those monies, preferring to concentrate his efforts on football operations. But neither has his son made any significant improvement in that area.
There is no league-mandated deadlines regarding the Raiders’ desire to relocate.
In February 2016, after the Rams’ move from St. Louis to Los Angeles was approved, Davis signed a one-year lease agreement, including two one-year options, with the Oakland-Alameda County Coliseum Power Authority that kept the franchise in Oakland during the 2016 season.
That ostensibly means the Raiders, playing in the nation’s sixth-largest media market, could remain in Oakland through the 2018 season, with or without approval to move to Las Vegas. Alameda County politicians have showed no inclination to build the Raiders a new stadium after years of discussions with them that meets with the NFL’s approval.
The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson.
Contact Jon Mark Saraceno at jsaraceno@reviewjournal.com. Follow @jonnysaraceno on Twitter.
RELATED
Raiders: Las Vegas stadium financing secure, with or without Adelson investment
Adelsons withdraw investment from proposed Raiders stadium in Las Vegas
How much money do Raiders really need to build Las Vegas stadium?
Las Vegas Stadium Authority should beware potential Raiders escape clause, expert says
10 key questions answered about proposed Raiders stadium in Las Vegas
