Raiders secure financing through new partner opening move to Las Vegas
Mar 09 2017
Bank America has agreed to finance a stadium in Las Vegas for the Oakland Raiders franchise according to an ESPN report.
According to the San Francisco Chronicle, this means the Raiders will be ready "for a relocation vote at the annual owners' meeting March 26-29 in Phoenix".
NFL Executive vice president Eric Grubman has been on record since January stating that Raiders owner Mark Davis' plan to move the team to Las Vegas was "impressive", despite have casino magnate Sheldon Adelson still on the proposal. Goldman Sachs also withdrew its funding offer once Adelson bolted.
Unlike previous year, though, the Raiders have two huge things going for them: They're not competing with any other teams and they have $750 million in public funding waiting for them in Las Vegas.
Oakland Mayor Libby Schaaf also made a presentation to the National Football League committees on Monday in a bid to persuade owners to prevent the team from moving. Bank of America is fully committed to the construction loan, which the Raiders could use in full or in part depending on sale of personal seat licenses, naming rights, etc. The Raiders already had $750 million in public money lined up for the new stadium, which will cost an estimated $1.9 billion.
Someone was going to end up working with the Raiders on their attempted move to Las Vegas.
"There is no one thing I would call out as a (sticking point) - it's all of those (and others) that have to get done before we go through the formality of a committee vote or a league vote, " Grubman said.
The Raiders have applied for permission to relocate to Las Vegas. In addition, the potential opposition of Adelson, an influential figure in Las Vegas, could impede progress either toward a new stadium there or its occupancy by the Raiders.