Now that they have crucial financing for a proposed Las Vegas stadium, the Oakland Raiders are looking to hone their case to relocate.
Earlier this week, it was reported that the Raiders had told NFL officials that Bank of America had come forth with financing for a Las Vegas stadium. The funding from Bank of America was necessary to fill a $650 million gap after billionaire Sheldon Adelson withdrew his participation in the $1.9 billion stadium proposal.
The revelation of Bank of America’s participation certainly provides a boost to the Raiders, who are expected to contribute $500 million to the project, while the State of Nevada covers $750 million in costs. The team detailed Bank of America’s participation to the NFL’s stadium and financing committee, which could opt to send the proposal to a full vote later this month.
With the funding from Bank of America potentially a part of the final package, a decision could be made as early the league meetings that run from March 26-29. However, there are still some steps for the Raiders complete in order for the plan to continue moving forward. More from The Los Angeles Daily News:
The source stressed there are still some loose ends the Raiders have to tighten up before a recommendation will be extended for this to go to a vote, but that the Raiders gave assurances they’ll have the deal buttoned up in time for a vote in three weeks.
Among them: Securing a lease for the Las Vegas Stadium, which could happen as early as Thursday when the Raiders meet with the Las Vegas Stadium Authority.
And while some have speculated about what Raiders owner Mark Davis had to put up as collateral to secure Bank of America’s involvement, NFL Vice President Eric Grubman explained the project itself is strong enough to support debt financing.
“The project is the collateral,” Grubman said.
Also ahead for the NFL and the Raiders, deciding on a relocation fee and the mechanism for repayment and, possibly, the stadium and finance committees providing a recommendation to the full ownership group to approve or reject the Raiders relocation bid.
If the relocation is eventually approved, the Raiders could move into the new Las Vegas stadium by 2020.
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