Sheldon Adelson withdraws from Oakland Raiders stadium deal

By The Sports Xchange  |  Jan. 31, 2017 at 11:56 AM
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Casino magnate Sheldon Adelson withdrew from the proposed Raiders' stadium deal on Monday, presenting the franchise's relocation from Oakland to Las Vegas with a significant financial roadblock.

The 83-year-old billionaire had committed $650 million to the $1.9 billion stadium project, but backed out after saying he wasn't included in the creation of a lease document presented to the Clark County Stadium Authority.

"We were not only excluded from the proposed agreement, we weren't even aware of its existence," Adelson said, via ESPN.com.

Goldman Sachs, a prominent investment bank, is also reevaluating its involvement in the project. Adelson has a longtime business relationship with Goldman Sachs.

The Raiders filed a relocation application with the NFL on Jan. 19, and ESPN reports that their application did not include Adelson.

The Las Vegas Review-Journal reported on Jan. 12 that the Raiders told the NFL that Goldman Sachs had assured the team of its involvement in the relocation efforts even if Adelson was not a part of it.

Adelson's family owns the Las Vegas Review-Journal.

Oakland's most to Las Vegas has yet to be approved by NFL owners, requiring approval from 24 of the league's 32 owners. A vote is expected to take place in March.

The Raiders (12-4) ended a 14-year playoff drought this season, but lost to the Houston Texans 27-14 in the AFC wild-card round.

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