VIDEO: Oakland Raiders find new financing for Las Vegas stadium

 

ALAMEDA, Calif. (AP) — The Oakland Raiders told the NFL on Monday they have found a new partner to finance their proposed stadium in Las Vegas: Bank of America.

A person familiar with the Raiders’ plans said the team presented the new proposal with financing backed by Bank of America to the NFL’s stadium and finance committees. The person spoke on condition of anonymity because the plan was not made public.

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The Raiders have been looking for a new stadium for years as they seek to move out of the outdated Coliseum, which is the only current stadium used by an NFL and Major League Baseball team and is unable to generate the revenue for the team the way more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

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.

Schaaf issued the following statement:

“Oakland is ready to compete. We were excited to be offered the opportunity to make a presentation before the National Football League’s Joint Stadium and Finance Committee in Florida. We want to thank the NFL for this invitation to share our vision for a locally-supported proposal that could result in a new home for the Raiders in Oakland.

“Today, we presented a plan that we believe responsibly meets the needs of all parties. We made a sound economic case for keeping the Raiders in Oakland through the creation of what could become one of America’s premier mixed-use sporting venues. Ours is a project that enhances the use of the already-entitled Oakland Coliseum site for the Raiders and for the public benefit and leverages the site’s proximity to BART and other public transit options, Oakland International Airport and major freeways.

“The Oakland solution for the Raiders keeps the Raiders at home in Oakland, in the country’s sixth largest media market that is demonstrating strong growth due to its innovative and diverse economy.

“What we presented demonstrated the commitment and effort made by the jurisdictions that oversee the stadium land — Alameda County and the City of Oakland. I thank Alameda County Supervisor Scott Haggerty and Oakland City Council President Larry Reid for their leadership. We have worked collaboratively with Ronnie Lott, Rodney Peete and the investors they have assembled behind this Oakland-based project. Together, we’ve created a framework that gives the Raiders a new stadium in Oakland that is responsible to the team, the league, the fans and Oakland taxpayers.

“The City of Oakland is prepared to support this effort in a way that does not endanger the City’s general fund using the “but for” taxes generated by the project to provide up to $200 million for public infrastructure and transportation improvements. This will support a new stadium and ancillary development that will enhance the economic vitality of East Oakland and better serve our community. Additionally, the City and the County are prepared to leverage the value of the land at this transit-rich site to create jobs, an enhanced fan experience and other opportunities.

“Ronnie Lott, Rodney Peete and the Fortress Group bring the financial assets and the capability to ensure construction completion, manage the sale of private seat licenses and cover any cost overruns – three things that are essential for a successful project to get done. Ronnie Lott and Rodney Peete also bring deep and extensive ties with the NFL, the Raiders and our community.”

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