Oakland Raiders Run Into Financing Setbacks For Relocation Plan


OAKLAND (CelebrityAccess) — The Oakland Raiders bid to move to Las Vegas appears to have come unraveled almost as soon as it was announced.

Just weeks after the team filed paperwork with the NFL seeking authorization to move to the gambling mecca, financial support for the team's new stadium has dried up.

According to ESPN's Ramona Shelburne, investment bank Goldman Sachs pulled its financial backing of the proposed Las Vegas stadium. Their move comes just a day after casino mogul Sheldon Adelson pulled his own financial backing from the team's stadium bid. Adelson, who owns Las Vegas Sands Corporation, had previously committed $650 million to the project.

"The Oakland Raiders came before the Las Vegas Stadium Authority last week with a proposed lease agreement that has sent shockwaves through our community," Adelson said in a statement announcing his withdrawal from the stadium plan. "It was certainly shocking to the Adelson family. We were not only excluded from the proposed agreement; we weren't even aware of its existence."

The Raiders bid for the proposed $1.9 billion dollar stadium would have included $750 million in taxpayer subsides and seen the Raiders pay just a dollar per year in rent.

After Adelson's withdrawal, the Raiders organization said they appreciated the work of the Adelson family in moving the project forward and indicated they still hope to seek their fortunes in Sin City.

"We know this project could not have advanced to this point without them," the statement said, referring to the Adelsons. "The Raiders remain steadfast in honoring Mark Davis' commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas."

However, amidst the turmoil surrounding the Raiders proposed move to Las Vegas, San Diego has thrown its hat into the ring. According to a San Diego Union-Tribune report, San Diego's mayor Kevin Faulconer approached the NFL saying the city would be willing to talk about adopting the Raiders.

Until this year, San Diego was the home city of the San Diego Chargers, but now lack a professional football team after the Chargers decamped to Los Angeles at the end of their 2016 season, leaving San Diego's venerable Qualcomm Stadium lacking an NFL tenant.

Any relocation plans for te Raiders must be approved by 24 of the 32 NFL team owners. A vote is expected during league meetings in March in Phoenix. – Staff Writers