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Oakland Raiders find new funding for Las Vegas stadium

By The Sports Xchange
Oakland Raiders find new funding for Las Vegas stadium
Oakland Raiders owner Mark Davis walks on the field prior to the Raiders playing the St. Louis Rams in a pre-season game at O.co Coliseum in Oakland, California on August 14, 2015. Photo by Terry Schmitt/UPI | License Photo

March 7 (UPI) -- The Oakland Raiders informed the NFL's stadium and finance committees on Monday that they have secured financing from Bank of America for their potential stadium in Las Vegas, according to multiple media reports.

The news comes several weeks after casino magnate Sheldon Adelson and finance giant Goldman Sachs withdrew from a plan to help finance the construction of a $1.9 billion, 65,000-seat domed stadium in Las Vegas. Adelson had pledged $650 million and the Raiders $500 million, with the stadium authority putting up $750 million in Las Vegas tax revenues.

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The Raiders remain on course to apply for formal relocation to Southern Nevada at the NFL owners meetings in Phoenix from March 26-29. The team will need 24 of the 32 NFL team owners to approve the move.

Oakland Mayor Libby Schaaf also made a presentation to the NFL committees on Monday in a bid to persuade owners to prevent the team from moving. However, USA Today reported that Schaaf offered no significant updates about a proposed new stadium in her city, and the league is already on record as being opposed to the team remaining in the outdated Oakland-Alameda County Coliseum.

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

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