A strong presentation Monday by the Raiders' new financing partner gave a sense of confidence to the NFL's stadium and financing committees, who could recommend it for a vote in time for the league's annual meetings that begin March 26 in Phoenix. A vote could come at the owners meetings later this month. Casino mogul Sheldon Adelson had agreed to contribute $650 million to the new stadium but changed his mind.
Goldman Sachs, which had also said it would finance part of the Raiders' proposal, withdrew a day later.
Unlike a year ago, though, the Raiders have two huge things going for them: They're not competing with any other teams and they have $750 million in public funding waiting for them in Las Vegas.
The team informed the NFL that they have secured financing from Bank of America for their potential Las Vegas stadium, NFL Network Insider Ian Rapoport reported per a source informed of the situation. The Raiders returned to Oakland from Los Angeles in 1995.
The Raiders' proposed move would have to be approved by at least 24 of the 32 owners.
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Also on Monday, Oakland Mayor Libby Schaaf spoke to the National Football League finance committee about keeping the Raiders in Oakland.
The Oakland Raiders added a significant piece to their Las Vegas relocation puzzle today.
"Ronnie Lott, Rodney Peete and the Fortress Group bring the financial assets and the capability to ensure construction completion, manage the sale of private seat licenses and cover any cost overruns - three things that are essential for a successful project to get done". Bank of America will finance the building of the stadium.
Bank of America will help Mark Davis and the Raiders in their quest to move to Sin City. The NHL's newest expansion team, the Vegas Golden Knights, will become the first professional sports team to play in Las Vegas later this year.