NFL

Oakland Raiders lose Sheldon Adelson and Goldman Sachs for Las Vegas Stadium Financing Plans

Kelley L Cox-USA TODAY Sports

The Oakland Raiders owner Mark Davis had two major investors withdraw from the team’s proposal for a $1.9 billion stadium in Las Vegas, per multiple reports.

On Tuesday, multiple sources reported that investment bank Goldman Sachs would not pursue the financing of the Raiders’ $1.9 billion stadium proposal in Las Vegas.

It is unclear how this will impact the Raiders’ plans for relocation to Las Vegas, according to the Mercury News. The team did not comment on the Goldman news.

The investment bank made this move only a day after casino billionaire Sheldon Adelson said his family would have no involvement in the stadium discussion. Per Raiders’ insider Vic Tafur, the two moves could be related.

The Adelson Family was a critical part of the initial financing plan as they were supposed to invest $650 million into the stadium development. This helped get local legislation to approve a hike in hotel taxes to finance an additional $750 million for the stadium via these local funds.

It was previously reported that the Raiders could get the deal for Vegas done without Adelson. However, Adelson would have been a key local resource for his history in the market.

Nonetheless, the Raiders excluded the Adelson family from a lease proposal that included a $1 annual fee for rent as well as scheduling rights. Apparently, this ticked off local officials.

Hence, Adelson released a statement on Monday that claimed the family had no involvement in the plan. It also read that Adelson was disappointed with the Raiders proposal.

The Raiders reacted via their own statement on Monday. It credited Adelson for helping the initial relocation plan get this far, and it said that Davis remained committed to moving the franchise to Las Vegas.

Either way, the Raiders needed the approval vote from 24 of the 32 NFL owners. A vote on the Raiders relocation to Las Vegas was expected in the March owners meetings.

Now, that could get pushed back. Per NFL insider Ian Rapaport, there is no hard deadline for the Raiders relocation vote.

Therefore, they can still find financing elsewhere in Vegas. 

As for Oakland, an investment group led by Ronnie Lott issued a statement that said the group is ready to work with the Raiders and NFL to keep the team in the East Bay,

They listed the Coliseum land site, Fortress Invest Group, $100 million due to the NFL incentive to keep the Raiders in Oakland, Raider Nation, a top 10 television market and Bay Area Fortune 500 companies as resources that the Raiders should value in Oakland.

The NFL and Raiders have both downplayed the recent stadium efforts in Oakland. However, these could progress as it appears that efforts in Las Vegas have stalled.

More updates should come as the offseason progresses.

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Pete D. Camarillo is currently a credentialed Lakers writer for SportsOutWest and co-host of the weekly Touchdowns and Tangents podcast. Pete enjoys creating content about music, life and West Coast Sports, specifically the NBA and NFL. He has published more than 1,000 articles across various publications including ClutchPoints, FullPressCoverage, TheSportsDaily, Fansided and Inquistr. Pete is also currently a full-time media relations professional for Business Wire and he is active in ONA, SPJ, NABJ and AAJA organizations in Los Angeles. The 2015 CSUN Journalism grad volunteers on his Journalism Alumni Association Board of Directors now. His background includes community relations with the L.A. Clippers during the 2014-15 season. studying sports management, football coaching and earning a fellowship for his entrepreneurship ventures. Follow him on Twitter @petecertified.
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