The Oakland Raiders have informed the National Football League that Bank of America will invest 0 million to complete the financing for a stadium to host the team’s desired move to Las Vegas.
The Raiders delivered the news to the league’s finance committee, according to NFL sources.
Twenty-four of the league’s 32 owners must approve the relocation, which appeared to be in jeopardy last month after the Raiders and Las Vegas Sands Chairman and CEO Sheldon Adelson failed to reach an agreement as partners on the $1.9 billion, 65,000-seat domed stadium.
Bank of America’s involvement, which will come in the form of a loan, according to news reports, is a decidedly crucial development as it appears it will cover the $650 million Adelson had committed to the project. The Raiders have committed $500 million. The state of Nevada is slated to cover the remaining $750 million in the form of public bonds backed by an increase in the Clark County hotel room tax.
“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,” said Clark County Commission Chairman Steve Sisolak, speaking to the Las Vegas Review-Journal.
The owners could vote on the move as early as the end of this month when they meet in Phoenix. That doesn’t guarantee a yes vote, however. The city of Oakland is trying to keep the team and has met with the league to pitch a new stadium as part of a joint mixed-use development with the city of Alameda, Calif., and investors fronted by retired NFL great Ronnie Lott.
