Raiders' Move To Las Vegas Back On Track With New Financing
The Raiders have secured new financing for their planned move to Las Vegas. Bank of America said it would provide a $650M loan toward the construction of the $1.9B, 65,000-seat stadium. This funding shores up the gap created when Sheldon Adelson and Goldman Sachs pulled out of the deal in January. Bank of America will not hold an equity stake in the team or stadium, reports the Las Vegas Review Journal.
The NFL owners will meet toward the end of March and may vote on the Raiders’ move then, but the vote also may be pushed back to a May meeting, according to KTVU. Out of 32 owners, 24 must approve the plan.
Oakland Mayor Libby Schaaf and Ronnie Lott, along with Fortress Investment Group, continue to make their push to build a stadium in Oakland and resubmitted a proposal on Monday. The Oakland plan is for a $1.25B stadium with 55,000 seats at the site of the Oakland Coliseum, reports SF Gate. The recent submission is not much different than what was sent to the NFL in December.
“We made a sound economic case for keeping the Raiders in Oakland through the creation of what would become one of America’s premier mixed-use sporting venues,” Schaaf said.