Raiders Get Funding for Vegas Stadium

The Oakland Raiders have told the National Football League they have secured a $650 million load from Bank of America. The money is believed to be the final piece of the proposed $1.9 billion football stadium in Las Vegas. The load was needed after Sheldon Adelson withdrew his $650 million from the project. Adelson didn’t like the demands of the Raiders and pulled out of the deal.

Unlike Adelson’s money, however, Bank of America is just making the Raiders a loan. They will not assume any equity in the stadium. The team is putting $500 million towards the stadium. The other $750 million will come from increased taxes from Clark County hotels and has been approved by the Nevada Legislature.

Bank of America regularly does business with the NFL and owners have to feel more comfortable with them in the picture. Adelson, who owns the Las Vegas Review-Journal, also owns Las Vegas Sands Corp. Some owners may have balked at a casino owner being involved with a Las Vegas team.

The Raiders were quick to report the news to the NFL. The NFL Annual Meeting takes place March 26-29 in Phoenix and the Raiders will ask for a relocation vote. If Mark Davis can get 24 of the 32 owners to agree, he will be free to move the team to Las Vegas and construction would begin on the new stadium.

The Las Vegas Stadium Authority will be the actual owners of the stadium, which will also be used by the UNLV football team. One reason Adelson withdrew support was he didn’t like the treatment the Rebels were going to receive.

Former 49er and Raider Ronnie Lott and Oakland Mayor Libby Schaaf appeared before owners on Monday. They are trying to prevent the team from leaving the area, but there is unlikely to be much they can do to prevent it if Davis gets the needed votes.