Billionaire Adelson withdraws from proposed Las Vegas stadium
Billionaire Sheldon Adelson and his family withdrew as prospective investors in a proposed $1.9-billion stadium that would host the Raiders, upon relocating to Las Vegas.
"It's clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family," Adelson said in a statement obtained by Richard N. Velotta of the Las Vegas Review-Journal. "So, regrettably, we will no longer be involved in any facet of the stadium discussion."
Adelson was irked by the team's decision to submit a lease proposal to the Las Vegas Stadium Authority last week, stating that he wasn't consulted.
"It was certainly shocking to the Adelson family," he wrote. "We were not only excluded from the proposed agreement, we weren't even aware of its existence.
"In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement."
The Raiders also released a statement Monday:
The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas. We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring Mark Davis' commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas.
Adelson was expected to contribute $650 million to the new stadium, the Raiders would allocate $500 million toward funding, while a new tax would allow Clark County to submit $750 million.
Oakland appears to have a contingency plan after Adelson's withdrawal. The Raiders told the NFL that financial services company Goldman Sachs offered to help fund the new stadium project, Elliott Almond of the Bay Area News Group reported earlier in January.
The Raiders submitted an application for relocation to Las Vegas, and the NFL's owners are expected to vote in late March. Twenty-four of the 32 owners would need to approve any prospective relocation.