Top Menu

Sheldon Adelson: I Could Walk Away from Raiders Stadium

New Las Vegas Stadium

Apparently frustrated with his ongoing negotiations with the Oakland Raiders, billionaire Sheldon Adelson says he could walk away from a Las Vegas stadium deal

As a partner in the project, Adelson is kicking in $650 million for the $1.9 billion project. The funding also includes another $500 million from the Raiders and, in a recent boost for the proposal, $750 million in public funds. With the public contribution secured, Raiders owner Mark Davis has been openly discussing the team’s desire to relocate.

The issue, however, is how the two private partners in the project would benefit from the stadium and how related revenue would be shared. Adelson says that the Raiders have not offered suitable terms, and that he could back out of the deal. More from Reuters:

“I negotiated to bring in the Oakland Raiders, an NFL football team from Oakland, because they don’t have a stadium there, that I would build a stadium and rent it out to the Oakland Raiders,” Adelson said on Wednesday during a travel technology conference in Tel Aviv.

Adelson, who succeeded this month in getting legislation passed to enable the construction of the stadium, said his problems now involve negotiations with the Raiders.

“They want so much,” he said. “So I told my people, ‘Tell them I could live with the deal, I could live without the deal. Here’s the way it’s gonna go down. If they don’t want it, bye-bye,'” he said.

Finalizing terms with Adelson is key to the Raiders’ efforts. As the NFL studies the Las Vegas market, it will likely take into account whether the Raiders have a workable agreement in place that benefits the team and the league. Previous reports have indicated that some in the NFL, including commissioner Roger Goodell, might prefer to see the team stay in Oakland.

In Oakland, an effort involving a private/public partnership for a stadium on the Oakland-Alameda County Coliseum site still needs to resolve some key details. While that makes a solution in Oakland uncertain, it still seems that the Raiders have some gaps to close before they can tout Las Vegas as their best option.

RELATED STORIES: NFL Still Looking to Oakland for Raiders ProposalAs Raiders Pursue Las Vegas, Oakland Reaffirms Funding StanceNevada Legislature Passes Raiders Stadium BillLas Vegas Stadium Clears Nevada Senate; Special Session for Las Vegas Stadium BeginsMajestic Backs Out; Las Vegas Stadium Revenues QuestionedLas Vegas Updates: Special Session, Cashman SitePair of Groups Opposing Las Vegas StadiumNew Las Vegas Stadium to be Addressed at Special SessionRoger Goodell Offering No Assurances on Las Vegas; Goodell Will Not Rule Out OaklandAs Funding for Las Vegas Stadium is Discussed, Southwest Weighs in on SiteProvisions Discussed for Las Vegas Stadium; Goodman Makes Case for Downtown Las Vegas StadiumMeeting on Las Vegas Stadium Moved UpPrice Tag for Las Vegas Stadium: $1.9 BillionLas Vegas Raiders Trademarked; Stadium Renderings PostedSheldon Adelson: Stadium Takes Precedence Over Convention Center;Confirmed Lead Contender for Las Vegas NFL Stadium: Bali Hai Golf ClubUNLV Weighs In On Stadium Talks; Mark Davis Speaks on Las Vegas SituationBali Hai Site Among Primary Options in Las VegasPoll Shows Opposition to Raiders’ Vegas ProposalWith Extension Approved, Las Vegas Committee Moves ForwardLas Vegas Pitching Cashman Site to RaidersVegas Committee: We Need More Time; New Raiders Vegas Stadium Site Emerges: It’s the Wild West!Southwest Airlines Throws Another Roadblock to New Las Vegas Stadium;New Vegas Stadium Plan Fails to Wow Committee; Davis Doubles Down on Vegas; Goodell Resists Raiders Relo; Davis: Vegas is Definitely Viable Home for Raiders; Davis: We’ll Be the Las Vegas Raiders if New Stadium is Built;Does Vegas’s NFL Hopes Ride on San Diego?

, , , ,

August Publications