Since then, there have been multiple efforts to find investors for the stadium, most recently from Dallas Cowboys owner Jerry Jones NFL Oakland Raiders have finally found someone to finance the development of its $1.9-billion stadium in Las Vegas.
Raiders owner Mark Davis reportedly told fellow NFL owners on Monday that Bank of America will back the 65,000-seat domed stadium, according to the Las Vegas Review-Journal, noting that the bank’s $650 million stake will be a loan and will not include an equity stake in the team or the stadium.
The Raiders have been seeking a new partner for the proposed stadium in Las Vegas after casino billionaire Sheldon Adelson backed out of his pledge to help build the stadium.
The initial plan was for Adelson to shell out $650 million toward the stadium’s construction while the Raiders will commit $500 million. The remaining $750 million would be funded by a 0.88-percentage-point increase in Clark County’s hotel room tax. Adelson, however, backed out of the project, followed by Goldman Sachs, putting the Raiders relocation plans on shaky ground.
es, who was reported to have been trying to gather investors to fill the role that Adelson left.
Davis’ announcement could pave the way for the team’s move to Nevada. The Raiders have already filed their relocation paperwork with the NFL in January, putting them on available for a vote at the Annual League Meeting, scheduled from March 26 to 29 in Phoenix, where NFL’s 32 owners will meet to vote on the Raiders’ application to relocate. The Raiders need to receive approval from at least 24 of the 32 teams before they pack their bags and head to the desert.
Meanwhile, a group backed by Ronnie Lott is also trying to keep the Raiders local.
Fortress Investment Group has sent the NFL and the Raiders a formal proposal to build a new stadium for the team. The proposal included details for a 55,000-seat stadium, worth an estimated $1.3 billion, in Alameda County. In it, Fortress Group’s investors would shell out $400 million for the stadium, while NFL and the Raiders would provide $500 million. The remaining $200 million would come from the city’s coffers.
