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Industry News

Raiders’ Vegas stadium plans aided by Bank of America

Bank of America has reached an agreement with the Oakland Raiders to help fund the NFL American football team’s proposed new stadium in Las Vegas, according to multiple reports.

The ESPN website, citing sources familiar with the matter, reported that the team has informed the NFL’s finance and stadium committees that Bank of America would provide the funding that had been due to be supplied by Sheldon Adelson, chairman of the Las Vegas Sands Corporation.

The Raiders are hoping to relocate from California to Nevada, and plans have already been approved by Nevada authorities for a new $1.9bn (£1.5bn/€1.8bn) stadium in Las Vegas.

Last month, Adelson pulled out of the project, which he had agreed to provide $650m towards. He withdrew his support after the Raiders submitted a proposed lease agreement worth just $1 in peppercorn rent to the Las Vegas Stadium Authority. The proposal did not include the Adelson family.

The team insisted that it would be able to make up the funds and it now appears the extra cash will be provided by Bank of America.

The Raiders will provide $500m of the $1.9bn fee, with the remaining $750m to come from a raise in hotel taxes.

Any stadium would not be built until 2020 and approval from 24 of the 32 NFL team-owners is needed if the Raiders are to press ahead with the relocation.