Latest
Recommended
Published: Thu, March 09, 2017
Economy | By Melissa Porter

Raiders find new funding for Las Vegas stadium


Starting on Monday, the NFL's owners are gathering together for a few days to discuss various league issues, including the Raiders potential move to Las Vegas or their stay in Oakland. Last year, the league's L.A. committee voted by a 5-1 outcome that the owners select the Carson location (which would have housed the Raiders and Chargers) over the Inglewood site (which will host the Rams and Chargers).

Raiders owner Mark Davis has expressed dissatisfaction with the aging Oakland Coliseum, in the San Francisco Bay Area, and for much of past year pursued a possible move to Las Vegas.

If the National Football League deems Sam Boyd Stadium suitable for Raiders games, the team could begin playing in Las Vegas prior to 2020, the soonest the $1.9 billion domed stadium could be completed. The Raiders confidently assured the public that Goldman Sachs was planning on swooping in and replacing Adelson, but they too hightailed it away from the deal a day after Adelson. Chairman and CEO Sheldon Adelson and Goldman Sachs in January.

Bank of America completes the financing, and the Raiders appeared to have hit the necessary notes with the 18 owners making up the stadium and financing committees to move forward on a vote.

"Ronnie Lott, Rodney Peete and the Fortress Group bring the financial assets and the capability to ensure construction completion, manage the sale of private seat licenses and cover any cost overruns - three things that are essential for a successful project to get done". The Silver and Black are moving to Las Vegas.

Bank of America will help Mark Davis and the Raiders in their quest to move to Sin City.

With the Vegas stadium expected to open in 2020, the Raiders would need to find a place to play for the 2019 season if they end up getting approved for relocation, because at that point, they might've worn out their welcome in Oakland.

Like this: