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Report: Oakland Raiders Could Have Funds for Las Vegas Stadium

New Las Vegas Stadium

For now, the Oakland Raiders are declining to comment on a report that the team could be on the verge of obtaining funds for a proposed Las Vegas stadium

On Wednesday, Jason Cole of Bleacher Report reported that Raiders president Marc Badain had “told the league the team has two banks ready to loan money for the Las Vegas project.” Earlier this month, Badain said at a meeting with the Las Vegas Stadium Authority that the Raiders were exploring their options for filling a $650 million funding gap that was created when Sheldon Adelson backed out of the stadium project. The Las Vegas Sun had reported that, during the meeting, Badain told the board that “’multiple financial institutions’  have called to express interest in joining the stadium project.”

In light of Cole’s report, the Las Vegas Review-Journal reached out to Badain, who declined to comment:

Oakland Raiders president Marc Badain had no comment to the Review-Journal on Friday concerning if he has told the NFL that a pair of major financial institutions are prepared to loan hundreds of millions of dollars so the franchise can progress with the building of a multi-use stadium in Las Vegas.

Bleacher Report’s Jason Cole tweeted Wednesday that, according to a source, two banks will put up $650 million that Las Vegas Sands CEO Sheldon Adelson had pledged but withdrew last month to complete the proposed $1.9-billion domed stadium off the Strip near Interstate 15. Investment banking giant Goldman Sachs subsequently withdrew its financial support.

Along with the $650 million from Adelson, the original funding plan called for the Raiders to contribute $500 million and for the remaining $750 million to come in the form of public funds. When it was announced that Adelson was departing from the project, Nevada governor Brian Sandoval indicated that no additional public funds would be made available.

The Raiders have already filed to relocate to Las Vegas, and the NFL should vote on the matter in late March.

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