Raiders are going ANYWHERE!
Casino mogul Adelson pulls out of Raiders-Vegas stadium deal
LAS VEGAS (AP) — Billionaire casino mogul Sheldon Adelson pulled out of a deal Monday to build a $1.9 billion domed stadium for the Oakland Raiders in Las Vegas
The move deprives the team of a chief financial backer as it seeks to bring professional football to Las Vegas for the first time.
Adelson played an instrumental role in the effort to lure the Raiders, which eventually grew into spending $750 million in taxpayer money on the deal.
He and his family had pledged $650 million — an amount the team will have to seek from other sources.
In a statement, the Raiders acknowledged Adelson’s involvement in the project over the past year and promised to make good on owner Mark Davis’ vow to move to Las Vegas.
Adelson’s withdrawal means the Raiders will go forward with a decision pending before NFL owners, who must approve the move.
The $1.9 billion project would consist of a $500 million commitment from the Raiders, along with $750 million approved by the Nevada Legislature last year with an increase on Las Vegas hotel taxes. That leaves $650 million — Adelson’s previous pledge — to complete the funding.
Team officials said previously they were enlisting investment bank Goldman Sachs for the project.
The lease proposal would have the Raiders pay $1 a year in rent and operate the 65,000-seat stadium that would be built at a site yet to be decided, probably just off the Las Vegas Strip.
In Adelson’s terse statement, the chief executive of Las Vegas Sands Corp. declared that he had been shut out of talks that led to the lease proposal last week between the team and the public board tasked with building and owning the stadium.
I will not provide a link,,I might get in trouble for it