Raiders find $650 million to fill hole left by Adelson departure
LAS VEGAS (KSNV NEWS3LV) —
News 3 confirmed on Monday that Bank of America will become the Raiders’ new partner to finance a proposed $1.9 billion stadium in Las Vegas.
The money became an issue, when billionaire Sheldon Adelson backed out at the end of January, blowing a huge hole in the financial foundation for a proposed project, which is the lynchpin for the team’s hopes of leaving the bay area for southern Nevada.
Raiders president Marc Badain told us "not to worry" last month.
“We are in discussions with multiple financial institutions. You'd be surprised how many people have been reaching out wanting to fund this project,” Badain told the Las Vegas Stadium Authority, the board of representatives in charge of the oversight and ownership of what will be a publicly-owned facility.
Raiders representatives are in Palm Beach meeting with the league's stadium and finance committees, who are evaluating the team's request to move here.
The Raiders are pitching in $500 million. Nevada, In the form of higher room taxes in Clark County, is pitching in $750 million. Bank of America is stepping up to finance the $650 million that would have come from Adelson, who departed the deal Jan. 30, upset by what he called bad treatment from the team.
County commissioner Steve Sisolak sat on the committee that paved the way for the stadium deal.
“I know the raiders have been working diligently along the way here to fill that hole that existed, and the NFL confirmed to me today that they have filled that hole,” Sisolak told News 3 in his office late monday afternoon.
“This is one of the things that they needed, and I don’t know how many more things they’re going to need,” Sisolak says. “The owners meeting is scheduled in three weeks so we’re not that far away. There’s a checklist the Raiders had to have and this is one of the things that was on the list.”
The team is making presentations to the league’s finance and stadium committees, made up of owners and their representatives.
“Was told by an #NFL source #Raiders Las Vegas stadium project is strong enough to support the debt financing,” tweeted Vincent Bonsignore, the Rams/NFL columnist for the L.A. Daily News.
Thursday is the next meeting of the stadium authority board, where the Raiders are expected to attend with a progress report.
In the meantime, work continues in the background on a lease agreement between the team and the stadium authority.
The players are watching too. Free agency starts Thursday.
“Like, what am I doing here? Am I moving to Oakland or do I need to be looking for a spot in Las Vegas,” says Mitch Moss, who holds court on ESPN Las Vegas weekdays with former NFL player Mike Pritchard.
The answer will come from the league, perhaps at the owner’s meeting in Phoenix at the end of the month.
The Raiders need the approval of 24 of the NFL’s 32 teams to call Las Vegas home.