Report: Raiders Line Up Stadium Financing Through Bank Of America

OAKLAND (CBS SF/AP) — The Oakland Raiders have reportedly told the NFL owners at their annual meeting in Florida that the Bank of America has agreed to help fund the team’s new $1.9 billion stadium.

A person familiar with the Raiders’ plans said Monday the team presented the new proposal with financing backed by BofA to the NFL’s stadium and finance committees. The person spoke on condition of anonymity because the plan was not made public.

BofA said in an email to KPIX 5 that it was not commenting on deal Monday afternoon.

The Raiders had been seeking a new partner for the proposed $1.9 billion, 65,000-seat domed stadium after casino magnate Sheldon Adelson withdrew a $650 million pledge last month.

The stadium’s initial financing package consisted of the Las Vegas Stadium Authority paying $750 million toward construction, the Raiders paying $500 million, and the Adelson family contributing $650 million.

If the Raiders can convince 24 of 32 owners to vote in favor of the move, they will be the third NFL team to relocate in the past year. The St. Louis Rams moved to Los Angeles last season, and the San Diego Chargers will move to Los Angeles in the fall.

A vote could come at the owners meetings later this month.

Oakland Mayor Libby Schaaf also made a presentation to the committees on Monday in hopes of persuading owners to prevent the Raiders from moving. Schaaf offered no new plans to satisfy concerns from the league about a proposed new stadium near the site of the Coliseum, the person said.

The Raiders have been looking for a new stadium for years as they seek to move out of the outdated Coliseum, which is the only current stadium used by an NFL and Major League Baseball team and is unable to generate the revenue for the team the way more modern stadiums around the league can.

The Raiders applied to move to the Los Angeles area last year, but the league turned that request in favor of the Rams moving from St. Louis. The Chargers will join the Rams in the Los Angeles area this season and the teams will share a stadium in Inglewood, which is expected to open in 2019.

That left the Raiders looking for another option, which became Las Vegas when the state of Nevada voted last fall to commit the money to the project.

Even if a move is approved later this month, the stadium is not expected to be built before 2020. The Raiders have options to play at the Coliseum for two more years, but could need to find a temporary home in 2019 if they move.

TM and © Copyright 2017 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2017 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

Comments

One Comment

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?
Listen to Radio.com Anywhere, Anytime!

Listen Live