Oakland Raiders President Marc Badain has assured Las Vegas officials overseeing the team’s prospective move to Sin City that financing a new stadium in the absence of key investor Sheldon Adelson “will not be an issue”.
The Raiders need something like $650 million, the sum the casino mogul had committed to a 65,000-seat domed stadium before a falling out with the team’s ownership over control of the venue prompted him to walk away. Construction costs are pegged currently at $1.9 billion, to which the Raiders have committed $500 million. Another $750 million will come from public bonds backed by an increase in the Clark County hotel room tax.
Raiders management recently met with the board of a newly commissioned Las Vegas Stadium Authority to calm concerns about the funding gap.
“We’re in an industry where we’re used to plugging along, and we’re used to having starts and stops,” Badain told the board. “The organization remains fully committed to this project. We are not deterred. Financing will not be an issue.”
Badain said “multiple financial institutions” have called to express interest in joining the stadium project. Stadium Authority Chairman Steve Hill has said in addition that eight to 10 potential investors have contacted him directly.
“We’ve heard from a broad variety of people,” Hill said. “It’s the Raiders’ job, not our job, to develop that component.”
But the clock is ticking. The team submitted its relocation application to the National Football League last month, and league owners could vote on the move as soon as late March. To support the application at a minimum the two sides need to demonstrate to the league some progress on a draft lease agreement governing stadium rights and related payments.
News reports have it that the Raiders may use the University of Nevada, Las Vegas’ Sam Boyd Stadium as an interim home, provided its capacity can be increased to 50,000 seats and outdated facilities improved.
“We are prepared to upgrade Sam Boyd Stadium if we are asked,” UNLV President Len Jessup said. “We’ll work with them to make that stadium ready.”
