Raiders' Move To Las Vegas Back On Track With New Financing

Las Vegas, Oakland Raiders
Rendering Of The Proposed Las Vegas Raiders Stadium

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

Scale Without Blind Spots: Why National Contractors Must Lead Locally

SFF Realty Partners Extends Spending Spree With $82M Acquisition In Downtown San Jose

Drawbridge Realty Acquires 180K SF Office Building In Sunnyvale For $219M

Interest Rate Hike Douses Outlook For Atlanta Developers

Why Hospitals Must Be Designed For Talent Retention

San Francisco Office Market Climbs, Fueling Demand For Large Blocks, Luxury Space

Denver Construction Costs On The Rise, Surpass National Increases

How Structural Engineers Support Modern Healthcare Construction

Carnegie Mellon's Ken Griffin-Backed Campus Has Miami Developers Salivating

Morgan Stanley Fund Buys 189K SF Milpitas Industrial Building

South Florida Counties Eye Leasing Shuttered Schools To Developers

Hudson Pacific Sells San Francisco Office Buildings