The Oakland Raiders took a step Monday toward a possible relocation to 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 Los Angeles Daily News was first to report the story.
The news comes just several weeks after casino mogul Sheldon Adelson and later Goldman Sachs had pulled out of a plan to build a $1.9 billion domed stadium in Las Vegas. Adelson had pledged $650 million and the Raiders $500 million, with the stadium authority putting up $750 million in Las Vegas tax revenues.
“The Raiders got some huge news today — news that Raiders president Mark Badain communicated to the league’s finance committee and that is that they now have funding for their $1.9 billion stadium,” Rapoport reported. “They have secured financing from Bank of America, replacing Sheldon Adelson, who had previously, of course and very famously, been in charge of financing and helping fund his big-time Raiders stadium. And this has always, pretty quietly, been the confidence point for the Raiders over the past couple weeks.
“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. 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. Maybe at the March meetings, maybe a couple months later at the league meetings in May.”