The Oakland Raiders are intent on moving to Las Vegas. But what if they can’t find a place to play?
That now seems like a very real possibility. On Monday, billionaire casino magnate Sheldon Adelson backed out of a deal with the Raiders to help fund the Las Vegas Stadium project. Oakland appeared to have a backup plan, as it claimed banking firm Goldman Sachs would help finance the stadium without Adelson’s support.
But on Tuesday, Goldman Sachs changed its tune, reportedly telling the Raiders it won’t provide funds for the new stadium if Adelson isn’t involved.
Adelson and Goldman Sachs originally had planned to contribute $650 million between them to the $1.9 billion project, with the Raiders chipping in $500 million and $750 million coming from Las Vegas taxpayers. But the loss of two key investors in a 24-hour span leaves the club scrambling to come up with that $650 million.
The possibility of Adelson changing his mind and backing the Raiders is “unlikely,” a source told the Los Angeles Times, while Goldman Sachs reportedly informed Adelson’s officials directly it won’t get involved with the stadium project without the billionaire.
The Raiders already have filed relocation papers, but they still need at least 24 votes from NFL owners at the NFL Spring Meeting in March to make the move official. That gives Raiders owner Mark Davis just a few weeks to figure out a contingency plan to keep the Las Vegas Stadium alive; if he doesn’t, it’s likely he won’t receive enough owner votes and the move will fall through.
Thumbnail photo via Kirby Lee/USA TODAY Sports Images
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