With Bank of America on the project, the Raiders could alleviate concerns that have been in place since late January, when billionaire Sheldon Adelson ceased his role in the project. Under the original funding model, the Raiders and Adelson were to make respective contributions of $500 million and $650 million, with the State of Nevada kicking in an additional $750 million for a $1.9 billion project. Once Adelson departed, however, it was uncertain whether the team would find a way to resolve the funding gap.
For his part, Raiders president Marc Badain expressed confidence that the issue could be resolved during a February meeting with the Las Vegas Stadium Authority. The Raiders have now followed through on that objective, which comes as the date for the NFL’s vote on the team’s relocation proposal draws closer. More from the Los Angeles Daily News:
With a $1.25 billion head start on the project, league sources insisted there was ample interest from various groups to want to come aboard.
That became official with Bank of America’s involvement.
Raiders owner Mark Davis and team president Marc Badain additionally informed the league’s finance committee that everything is in place in Las Vegas for their relocation bid to be voted on by fellow NFL owners.
The NFL is targeting a vote at the end of March in Phoenix at the league’s annual meetings. The Raiders will require 24 yes votes for their Las Vegas objective to come to fruition.
League officials have confirmed the proposal. More from NFL.com:
NFL executive vice president Eric Grubman confirmed to NFL Network Insider Ian Rapoport that the Raiders presented the new funding plan to the league’s finance and stadium committees and that Bank of America “confirmed their readiness to provide traditional bank financing so that the project would be fully financed.”
Grubman said once the committee reaches a consensus about the new proposed plan it will have a clearer picture on how to proceed in helping NFL team owners eventually determine if the team’s funding situation for a potential Las Vegas relocation is secure.
Meanwhile, on Monday, Oakland mayor Libby Schaaf shared an update on her city’s $1.3 billion proposal to keep the Raiders in town with a new stadium and related development at the Oakland-Alameda County Coliseum site. That plan, which calls for contributions from a group headed by Hall of Famer Ronnie Lott and Fortress Investments, was presented to the NFL’s joint stadium and finance committee, but NFL sources said the presentation “fell short of easing long-stated concerns about a third-party involvement, a solution for the Oakland A’s, who have a long-term lease on the same stadium the Raiders play, and the lack of any public financing,” according to the Daily News.
In a statement issued on Monday, Schaaf explained the by effort Oakland, Alameda County, and the partners involved in the proposal:
Given the timing of this news and the NFL’s forthcoming vote, it may only be a matter of weeks before it is determined whether the Raiders will relocate to Las Vegas. If the relocation is approved, the new Las Vegas stadium could open by the 2020 season.
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