Raiders’ Las Vegas stadium to be funded by Bank of America

The Oakland Raiders’ bouncy ride to Las Vegas may be easing out.

A little over a month after two major sources of financing dropped out of a $1.9 billion stadium proposal so the Raiders could move to Las Vegas – putting the entire move in jeopardy – Bank of America has reportedly stepped up to be the team’s latest financial partner.

The Raiders told the National Football League (NFL) on March 6, 2017 they have found a new partner to finance their proposed stadium in Las Vegas: Bank of America, according to an Associate Press report.

The report quoted ‘a person familiar with the Raiders’ plans’ saying ‘the team presented the new proposal with financing backed by Bank of America to the NFL’s stadium and finance committees’.

The Raiders had been seeking a new partner for the proposed $1.9 billion, 65,000-seat domed stadium after casino magnate Sheldon Adelson withdrew a $650 million pledge last month.

The state of Nevada has committed $750 million to the project, while the Raiders and NFL would pay the remaining $500 million if three-quarters of the league’s owners approve a move. A vote could come at the owners meetings later this month.

Oakland Mayor Libby Schaaf also made a presentation to the committees on Monday in hopes of persuading owners to prevent the Raiders from moving. Schaaf offered no new plans to satisfy concerns from the league about a proposed new stadium near the site of the Oakland Alameda Coliseum, the person said.

The Raiders have been looking for a new stadium for years as they seek to move out of the outdated Coliseum, which is the only current stadium used by an NFL and Major League Baseball team and is unable to generate the revenue for the team the way more modern stadiums around the league can.

Meanwhile Las Vegas mayor Carolyn Goodman has said that the best place to build stadium for the Raiders is behind City Hall because of highway access, available land and the eventuality of a light rail system that would stop nearby.

Although Raiders owner Mark Davis has identified two preferred sites within the resort corridor known as the Strip, Goodman strongly pitched for the viability of downtown behind her seventh-floor office at City Hall.

The Raiders applied to move to the Los Angeles area last year, but the league turned that request in favor of the Rams moving from St. Louis. The Chargers will join the Rams in the Los Angeles area this season and the teams will share a stadium in Inglewood, which is expected to open in 2019.

That left the Raiders looking for another option, which became Las Vegas when the state of Nevada voted last fall to commit the money to the project.

Even if a move is approved later this month, the stadium is not expected to be built before 2020. The Raiders have options to play at the Coliseum for two more years, but could need to find a temporary home in 2019 if they move.

More details on Raiders’ move will be deliberated at Coliseum Summit AMERICAS, April 19-20, 2017 at Las Vegas, Nevada. Continue to follow Coliseum Summit, a global series of stadium and arena business conferences, for latest updates from around the world.

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