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

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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