Report: Raiders get Bank of America funding for Vegas stadium
The Oakland Raiders have received a commitment from the Bank of America to help fund a stadium in Las Vegas and informed the NFL on Monday, Vincent Bonsignore of the Los Angeles Daily News reports.
Raiders owner Mark Davis and president Marc Badain reportedly spoke to the league's finance committee.
The funding doesn't necessarily secure a relocation bid to Las Vegas, as 24 of the NFL's 32 owners must approve any potential move. The NFL's owners are expected to vote on the Raiders' prospective relocation during the NFL Annual Meeting from March 26-29, Jon Mark Saraceno of the Las Vegas Review-Journal reports.
The proposed stadium is expected to cost $1.9 billion, and the Raiders' relocation bid faced a major setback in January when casino magnate Sheldon Adelson withdrew his offer of $650 million. The billionaire was reportedly infuriated when the Raiders submitted a lease proposal to the Las Vegas Stadium Authority without his consultation. If the stadium gets built, the stadium authority would own it.
Financial giant Goldman Sachs promptly withdrew its funding offer once Adelson pulled out.