Las Vegas Raiders back on? Team reportedly secures financing for new stadium
Perhaps the Oakland Raiders have figured out their new stadium situation after all.
The plan for the Raiders to move to Las Vegas seemed to be in danger once casino mogul Sheldon Adelson walked back his $650 million pledge. But Vincent Bonsignore of the Los Angeles Daily News said that the Raiders informed the NFL that Bank of America will complete the financing for the stadium plan. Ian Rapoport of NFL Network confirmed that report.
Assuming the NFL is satisfied with the Bank of America financing plan, that’s huge news for the Raiders. The Raiders already had $750 million in public money lined up for the new stadium, which will cost an estimated $1.9 billion. The Raiders don’t have a great fallback plan or any other obvious options if Las Vegas falls through. If the team has the money to make the Las Vegas move happen, it seems like the NFL would vote yes on the team’s relocation, which it has already applied for. It’s a much easier path than starting all over, turning down $750 million in public money for a new stadium, and figuring out a better solution to the Raiders’ long-term stadium issues.
The Raiders will still have to get the votes necessary to relocate. But a potentially deal-killing hurdle appears to have been crossed.
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