- Oakland Raiders secure financing from Bank of America
- Casino boss Sheldon Adelson had pulled out, threatening to jeopardise deal
- Final vote on decision to relocate will take place in spring
The Oakland Raiders’ proposed relocation to Las Vegas could be back on after the team announced that they have secured an alternative source of funding from Bank of America.
Casino magnate Sheldon Adelson pulled out of a proposed recent deal to put up $650m of the $1.9bn required, with $500m coming from the Raiders and $750m from the stadium authority. That threatened to pull the plug on the entire deal, but the Raiders have insisted that they remained confident of finding another source of funding, which has been confirmed as the Bank of America.
“While everyone doubted them and basically wrote off Vegas when Sheldon Adelson bailed, they thought there would be several options of banks with the initiative and wanting to finance them”, said Ian Rapoport, an NFL Network insider.
“They have now found that Bank of America is one of them and they still hope to have a vote on going to Vegas this spring.”
Move likely to overcome hurdles
The Annual League Meeting, which will take place in Phoenix this month, is likely to see the relocation given a recommendation. However, nothing binding will be decided at that point, with the team to arrange a vote on whether to press ahead with the move later in the year. A move would also require a two-thirds majority approval from team owners.
However, the stadium is not expected to be completed before 2020 at the earliest. With only two years remaining as an option for their current home, the Coliseum, the Raiders are likely to be on the lookout for a temporary home in 2019.