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April 20 (UPI) -- MLB's Oakland Athletics signed a binding agreement to buy land for a new stadium in Las Vegas, the team said. The Athletics announced the agreement Wednesday night. Oakland welcomed the MLB franchise in 1967, and the Athletics played in Kansas City, Mo., and Philadelphia before they moved to northern California.
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"We realize this is a difficult day for our Oakland fans and community," the Athletics said in a news release. "For more than 20 years, the A's have focused on securing a new home for the club, and have invested unprecedented time and resources for the past six years to build a ballpark in Oakland.
"Even with support from fans, leaders at the city, county and state level, and throughout the broader community, the process to build a new ballpark in Oakland has made little forward progress for some time."
The Athletics said they made a "strong and sincere" effort to stay in Oakland.
Athletics president Dave Kaval told reporters that the agreement is for 49 acres at Dean Martin Drive and Tropicana Avenue, near the Las Vegas Strip. Kaval said the Athletics plan to construct a $1.5 billion stadium, which they hope to complete by 2027.
"We're not all the way there in Nevada," Kaval told The Athletic. "We are in serious discussions with the elected leaders and public policymakers at the state level and at the county level for an incentive package for a public-private partnership, for their contribution.
"That's basically the way that the Allegiant Stadium deal for the Las Vegas Raiders went. And so that part isn't done yet. We're working with them. And we're having very good conversations."
Kaval told The Athletic that the franchise is looking for $500 billion through a public-private partnership. The Athletics' remaining capital will come from private funds.
Red Rock Resorts owns the land, which is near Allegiant Stadium.
Kaval told the Las Vegas Review-Journal that a partially retractable roof is planned for the 30,000-seat stadium. The development also could feature restaurants and an amphitheater.
Kaval told the Review-Journal that a pedestrian bridge could be constructed over Interstate 15 to connect the ballpark to the area near T-Mobile Arena.
"It's really in the sports district," Kaval told the Review-Journal. "So you have all the stadiums kind of clustered in one spot. I think that creates a powerful zone, a kind of energy to it that will benefit the community and also help us be successful running a baseball team."
The Athletics were the worst team in the American League in 2022, with a 60-102 record. They started this season with the MLB's worst record, 3-16. They won 86 games in 2021 and 97 games in 2019 and 2018.
The Athletics won their last World Series in 1989. They won three-consecutive titles from 1972 through 1974, while led by Reggie Jackson, Catfish Hunter, Rollie Fingers and Vida Blue.
John Fisher and Lewis Wolff were part of an ownership group, which bought the Athletics in 2005 for $180 million. Fisher took full control of the franchise in 2016. Forbes estimates that the franchise is worth more than $1.1 billion.
