Adelson spokesman says Raiders were 'picking his pocket' in Vegas talks
The Raiders' efforts to relocate from Oakland to Las Vegas hit bump in the road when, in response to the team's proposed lease agreement, casino mogul Sheldon Adelson withdrew his support.
Goldman Sachs followed by also backing out, and the Raiders were thus left in search of another investor to put up the missing $650 million to cover for the $1.9-billion project.
In the first public comments since the setback, Andy Abboud, a spokesman for the Adelson family, told Richard N. Velotta of The Las Vegas Review-Journal he characterized it all as a "stunning" development.
Abboud says the Raiders, whose proposal involved the team paying just $1 per year in rent, were constantly seeking more as negotiations advanced.
"(Adelson) was willing to share revenues and make it financially mutually beneficial, but they were picking his pocket," Abboud said. "I think that they felt they were asking to be entitled to revenue streams and things that simply made the deal unworkable. It was never about the financial return for the Adelsons, but the Adelson family wasn't going to have their pocket picked, by the Raiders or by the NFL or anybody."
Raiders president Marc Badain said Thursday that financing for a Las Vegas stadium remains on track despite both Adelson and Goldman Sachs being removed from the potential deal.
While that may be, all indications are that significant hurdles remain in negotiating any deal that would bring the team to Nevada.
Among the key issues Abboud outlined with the proposal, which he says didn't reflect the commitments made throughout the negotiation process, included the Raiders not allowing UNLV to have its brand markings on the playing surface.
Asked if the legislature to provide $750 million in public funding would have passed were it not for the accommodations for the school football program, Abboud was uncertain.
"I don't know, but remember, it only passed by one vote in the Assembly, and I know the UNLV aspect was important."
The comments are only from one side of the table, and there's presumably potential for a stadium deal to be ironed out with the help of other investors, but the Raiders ending up in Las Vegas still appears to be far from a lock.
"If they think that they're going to go forward making it all about the Raiders and not about all the other things that drive visitation, I think they should be prepared for some long stadium authority meetings," Abboud said.
- With h/t to Pro Football Talk