Raiders Secure Potential Las Vegas Stadium Financing From Bank Of America
The Oakland Raiders reached yet another step closer on Monday to their possible relocation to Las Vegas.
Bank of America to Finance Raiders’ Possible Las Vegas Relocation
The team informed the NFL that they have secured financing from Bank of America for their potential Vegas stadium, NFL Network Insider Ian Rapoport reported, citing a source informed of the situation.
Vincent Bonsignore of the Los Angeles Daily News was first to report the news.
The Raiders initially filed for relocation on January 19.
Just weeks ago, casino mogul Sheldon Adelson and Goldman Sachs had been separately lined up to provide the $650 million needed to bridge the gap between the NFL/team contribution ($500 million) and the available taxpayer money ($750 million) for the $1.9 billion stadium. Both Adelson and Goldman Sachs later withdrew from this plan, however.
NFL Executive Vice President Eric Grubman confirmed to Rapoport that the Raiders presented the new funding plan to the league’s finance and stadium committees and that Bank of America “confirmed their readiness to provide traditional bank financing so that the project would be fully financed.”
Grubman stated once the committee reaches an agreement regarding the new proposed plan, it will have a clearer picture on how to proceed in helping NFL team owners assess whether the Raiders’ funding for a Las Vegas stadium is secure. Any such potential relocation by the team would need to be approved by 24 of 32 team owners.
“Bank of America is a very well-known as respected lender to the sports industry,” Grubman said in an email to Rapoport when asked if the NFL is pleased with the bank being on board.
A league official is unsure whether there will be a vote on the Raiders’ possible relocation at the owners’ meeting later this month, according to Bleacher Report’s Jason Cole.
KANSAS CITY, MO – DECEMBER 8: Quarterback Derek Carr #4 of the Oakland Raiders throws a pass against the Kansas City Chiefs at Arrowhead Stadium during the first quarter of the game on December 8, 2016 in Kansas City, Missouri. (Photo by Peter Aiken/Getty Images)