Raiders secure financing through new partner opening move to Las Vegas

Posted March 08, 2017

A key National Football League executive told the Review-Journal on Tuesday that Bank of America's loan offer to the Oakland Raiders to help finance a planned $1.9-billion stadium is a critical piece of the relocation puzzle but that other important pieces must be put in place before owners vote on a proposed move to Las Vegas.

The Raiders' move to Sin City has yet to be approved by the NFL, but with Bank of America now backing the deal, the league could move quickly in approving the plan. Bank of America will replace Goldman Sachs in bankrolling the $1.9 billion project, which temporarily went off the tracks in January when Las Vegas Sands CEO Sheldon Adelson pulled out. Adelson helped spearhead a $750 million hotel tax toward the project, while the Raiders are contributing $500 million. The Oakland Raiders seemed like they were on the verge of heading to Las Vegas until, suddenly, the move was called off.

NFL commissioner Roger Goodell spoke about it at his state of the league address during Super Bowl week, after Adelson withdrew. "That is not something that is consistent with our policies. not likely a stadium, either".

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Team owner Mark Davis says the Raiders will play in Oakland for two more years no matter what happens with any move, and any new stadium wouldn't be ready until the year 2020 at least. Bank of America will finance the building of the stadium.

Schaaf said in a statement that she believes the plan the city presented to the NFL's Joint Stadium and Finance Committee meeting in Florida "responsibly meets the needs of all parties". Although, as usual, it was short on specifics.