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Post by Crimson Cross on Jan 31, 2017 16:10:24 GMT -5
This was the first thing I saw on NFL LIVE when I got home about doubt is now in the way of the Raiders not moving to Vegas...
Associated Press in Las Vegas
Tuesday 31 January 2017 07.42 EST Last modified on Tuesday 31 January 2017 13.26 EST
Casino mogul Sheldon Adelson has pulled out of a deal to build a $1.9bn stadium for the Oakland Raiders in Las Vegas.
The move, which was announced late on Monday, comes on the heels of a team proposal to pay $1 a year in rent and operate the stadium, and it deprives the project of a chief financial backer as officials seek to bring professional football to Las Vegas for the first time.
Adelson played an instrumental role in the effort to lure the Raiders, which eventually grew into a $750m commitment of taxpayer money to the deal. He and his family had pledged $650m — an amount the team will have to seek from other sources. The Raiders have promised $500m.
If not Vegas, they need to really try to stay in Oakland...
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Post by Vegas on Jan 31, 2017 20:22:11 GMT -5
yeah it does not look like the Raiders are moving to Las Vegas as Goldman Sachs just pulled out of the deal too, that's too bad as I really wanted the stadium
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Post by Tournament Master on Jan 31, 2017 22:01:18 GMT -5
Total bummer. That move made a ton of sense. I would have loved a big stadium in Vegas.
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Post by DK II on Feb 2, 2017 21:23:54 GMT -5
unfortunate if it doesn't happen...I really am hoping that new backers come in...I cannot believe that a smart investor isn't looking for an almost certain money maker...
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Post by Vegas on Mar 7, 2017 1:55:11 GMT -5
After being dead in the water for over month with the departure of Goldman Sachs, this deal today has been revived as Bank of America will cover the money Adelson and Goldman Sachs were supposed to contribute! This stadium may still get built! Raiders’ Las Vegas stadium gets boost from Bank of AmericaLANTANA, Fla. — Bank of America will back the $1.9 billion Las Vegas football stadium sought by Oakland Raiders owner Mark Davis, paving the way for the team’s move to Southern Nevada, he told NFL owners Monday.
Davis and Raiders President Marc Badain informed the league’s finance committee that funding for the planned 65,000-seat facility is in place with the banking giant, which regularly does business with the NFL, a league spokesman revealed to the Review-Journal.
Bank of America’s $650 million stake will be a loan and will not include an equity stake in the team or the stadium.
Davis greeted a Review-Journal reporter with a big smile after Monday’s meeting, but he would not confirm what transpired behind closed doors at a posh ocean-front hotel and spa in South Florida.
“I have no news,’’ he said, smiling. The Raiders told the finance and stadium committees that everything is in place for a relocation vote at the NFL Annual Meeting March 26-29 in Phoenix. Twenty-four of 32 owners must approve the proposal to cement the Raiders’ move and trigger construction of the Las Vegas stadium.
The vote also could be delayed until the next time owners convene, in late May in Chicago. Owners don’t have to meet to vote — they also could cast relocation “ballots’’ via conference call.
Prior to Monday’s meeting, Jacksonville Jaguars owner Shad Khan told the Review-Journal that “much work needs to be done’’ before the NFL comes to Southern Nevada.
“It will get done when it gets done,’’ Khan said.
Clark County Commission Chairman Steve Sisolak said he heard the news of Bank of America’s involvement.
“The individual I talked to at the NFL strictly said they’d confirm Bank of America would provide the financing but would provide no further comment,” he said.
It seems unlikely Bay Area politicians and investors can prevent the Raiders’ move to Las Vegas. Oakland Mayor Libby Schaaf also appeared Monday before NFL owners, along with Hall of Fame safety Ronnie Lott, making a last stand for a new stadium in Alameda County.
Lott is working with the Fortress Group, an investment company that recently resubmitted its stadium proposal to the league, but it was not substantively different from December’s initial submission. No one from the Fortress Group attended Monday’s meetings.
A league spokesman said no new proposal, nor elimination of obstacles relating to the Oakland A’s 10-year lease issue at Oakland Alameda Coliseum, was provided by the mayor’s group. The Oakland Alameda County Coliseum Authority could deploy a two-year termination clause on the baseball club, but no one from the mayor’s team made that pledge. The mayor’s office has no power to exercise that clause.
The Raiders were forced to find a new financing partner after Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson withdrew his family’s $650 million pledge to the project. Goldman Sachs also exited the deal in January. The rest of the stadium’s construction would be funded by the Raiders ($500 million) and bonds backed by an increase in the Clark County hotel room tax ($750 million) that was approved by the Nevada Legislature.
The Las Vegas Stadium Authority would own the multipurpose stadium, which also would be used by the UNLV football program.www.reviewjournal.com/sports/nfl-vegas/raiders-las-vegas-stadium-gets-boost-bank-america |
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Post by Crimson Cross on Mar 7, 2017 5:43:10 GMT -5
It has been pretty quiet on this topic, but it sounds like it still will happen and that's a good thing for the Raiders if a home in Oakland does not happen once their two leases are up...
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Post by Tournament Master on Mar 7, 2017 8:53:33 GMT -5
Fantastic news! Here's hoping the relocation vote gets passed!
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Post by Vegas on Mar 22, 2017 12:48:28 GMT -5
The NFL owners meetings start Sunday night in Phoenix and it sounds like the relocation vote may be taking place next Monday at these meetings. THE NFL reportedly has already determined the relocation fee for the Raiders will be between $325 million to $375 million which is only about 1/2 of the $650 million both the Rams and Chargers each had to pay in relocation fees to move to Los Angeles.
Although the vote could be pushed back to the next owners' meeting in May, it sounds like the vote will happen next week and 24 of 32 NFL owners need to vote yes for it to happen.
I hope the owners vote yes as I really want this new stadium built. As I have said in the past, I believe it would enhance this city's already world class entertainment industry, transform UNLV football, and bring us at least 1 Wrestlemania (and I would not be shocked if it even put Las Vegas into the Wrestlemania rotation with cities such a New Orleans and Orlando which have hosted or will host more than 1 Wrestlemania within a few years apart.)
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Post by TTX on Mar 22, 2017 15:49:11 GMT -5
Looks like it will be a yes. Enjoy the Raiders, Vegas.
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Post by Tournament Master on Mar 23, 2017 9:37:03 GMT -5
The NFL owners meetings start Sunday night in Phoenix and it sounds like the relocation vote may be taking place next Monday at these meetings. THE NFL reportedly has already determined the relocation fee for the Raiders will be between $325 million to $375 million which is only about 1/2 of the $650 million both the Rams and Chargers each had to pay in relocation fees to move to Los Angeles. Although the vote could be pushed back to the next owners' meeting in May, it sounds like the vote will happen next week and 24 of 32 NFL owners need to vote yes for it to happen. I hope the owners vote yes as I really want this new stadium built. As I have said in the past, I believe it would enhance this city's already world class entertainment industry, transform UNLV football, and bring us at least 1 Wrestlemania (and I would not be shocked if it even put Las Vegas into the Wrestlemania rotation with cities such a New Orleans and Orlando which have hosted or will host more than 1 Wrestlemania within a few years apart.) I can guarantee I will be attending the first Vegas Wrestlemania since WM9. I am sure it can be as big a debacle as that year. |
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