Raiders secure financing for potential Vegas stadium: report - Metro US

Raiders secure financing for potential Vegas stadium: report


(Reuters) – The NFL’s Oakland Raiders took a big step toward a possible relocation to Las Vegas after securing financing from Bank of America for a potential stadium, according to multiple reports on Monday.

Both the Los Angeles Daily News and NFL’s website said the Raiders, who have already seen two potential partners bow out, secured financing from Bank of America.

The reports come weeks after casino mogul Sheldon Adelson and later Goldman Sachs pulled out of a plan to build a $1.9 billion stadium in Las Vegas.

Adelson had pledged up to $650 million toward construction of the domed stadium but pulled his support in January after the team presented a lease proposal without his knowledge.

Goldman Sachs, which had also said it would finance part of the Raiders’ proposal, withdrew a day later.

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

The Raiders officially submitted relocation papers with the National Football League in January.

If they land in Las Vegas, they would become only the second major sports franchise ever based there. The National Hockey League’s Golden Knights will begin playing in the city later this year.

(Reporting by Frank Pingue in Toronto; Editing by Larry Fine)

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