Last week the NFL were notified by the Oakland Raiders that they’ve found a new partner to sponsor their proposed $1.9 billion stadium in Las Vegas: Bank of America. A person conversant with the Raiders’ plans said the team presented the new offer with financing backed by Bank of America to the NFL’s stadium and investment boards. Said person spoke on condition of anonymity, since the plan was not made public.
Sheldon Adelson, Las Vegas Sands CEO withdrew his $650 million pledge to the project last January, because of his uneasiness with the occupancy contract with the stadium’s projected primary tenant, the Raiders. That provisionally put the projections of the Raiders moving here in danger. It wasn’t immediately identified how much Bank of America would provide. The preliminary proposal called for the state to provide $750 million from an increase in the hotel room tax and for the Raiders to offer $500 million.
Last Monday, Steve Sisolak, who is the Clark County Commission Chairman tweeted: “An @NFL source has confirmed to me this afternoon that @BankofAmerica will provide the necessary financing for the proposed stadium.” In an email to the Sun, Bank of America spokespersons refused to give a statement.
Chairman of the Las Vegas Stadium Authority Steve Hill, established Bank of America’s participation and said it would be sufficient to push the venture forward. “I don’t know what the exact terms are and their commitment to the Raiders, but my understanding is it’s enough to allow the stadium to be financed fully,” according to Hill.
NFL owners could vote on relocation during a meeting in late March, with 24 of 32 owners needing to OK the Raiders’ transfer. Till Bank of America stepped up, there wouldn’t have been tangible plans to vote on. “I’m not sure yet whether the Raiders with be at Thursday’s meeting or not, but I think we’ll be able to provide an update on the financing at the meeting regardless of whether the Raiders are there,” Hill continued.
Oakland Mayor Libby Schaaf likewise made a presentation to the committees last Monday hoping to persuade owners to avert the Raiders from moving. Yet Schaaf offered no new strategies to mollify apprehensions from the league regarding a planned innovative stadium near the location of the Coliseum, the source of the financing deal said.
“We presented a plan that we believe responsibly meets the needs of all parties,” Schaaf commented in an announcement. “We made a sound economic case for keeping the Raiders in Oakland through the creation of what could become one of America’s premier mixed-use sporting venues. The Oakland solution for the Raiders keeps the Raiders at home in Oakland, in the country’s sixth-largest media market that is demonstrating strong growth due to its innovative and diverse economy.”
The Raiders’ search for a new stadium has been going on for years. They’re pursuing their move out of the dated Coliseum, since it’s the only existing stadium used by an NFL and Major League Baseball team. Moreover, it’s unable to generate the revenue for the team the way more contemporary stadiums around the league are able to.
The Raiders applied to move to the Los Angeles area last year, yet the league turned that request in favor of the Rams moving from St. Louis. The Chargers will join the Rams in the Los Angeles area this season and the teams will share a stadium in Inglewood, which is expected to be launched in 2019. This left the Raiders looking for another opportunity, which transpired to be Las Vegas when the state of Nevada voted last fall to pledge the money to the scheme.
Even if a move is approved by the end of this month, the stadium isn’t anticipated to be built before 2020. What’s more, The Raiders have possibilities to play at the Coliseum for two more years, but could need to find a provisional home in 2019 if they move.
Keep following our blog for more updates about all the hottest happenings in Vegas, and remember to check out the services we offer here at 702 ENT. We can help you plan an entertaining and jam-packed holiday.
With our reliable Las Vegas Concierge Services, we will show you what to do, and where to go, with recommendations for activities to suit your tastes and preferences.
Click here for more information.
