Tags: sheldon adelson | raiders | las vegas

Sheldon Adelson, Raiders-to-Vegas Backer, Bails, But Plans Undeterred

Image: Sheldon Adelson, Raiders-to-Vegas Backer, Bails, But Plans Undeterred

Las Vegas Sands Corp. Chairman and Chief Executive Sheldon Adelson speaks during a news conference on the opening of Parisian Macao in Macau, China, on Sept. 13, 2016. (Bobby Yip/Reuters)

By    |   Tuesday, 31 Jan 2017 02:46 PM

The loss of major financial backer Sheldon Adelson has not deterred plans for the Raiders, currently based in Oakland, to build a stadium in Las Vegas and play there.

Adelson was expected to contribute about a third of the $1.9 million cost of the new stadium until Monday when the Las Vegas Sands casino head announced he would no longer be part of the deal, according to The Washington Post. It had been in large part Adelson’s idea to build a stadium in Las Vegas, with him contributing $650 million, the city $750 million, and the team $500 million

Adelson’s pullout came after details of the proposed agreement between the city and the Raiders, which included the team paying only $1 annual rent for the stadium and team control over scheduling of University of Nevada, Las Vegas games, suite-holder privileges, and naming rights, The Nevada Independent reported.

Adelson said he and his family were “shocked” by the proposal, The Washington Post reported.

“We were not only excluded from the proposed agreement; we weren’t even aware of its existence,” Adelson said in a statement. “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.”

Although having partners to provide funding would make the move easier for the Raiders, Goldman Sachs has said it would finance the part of the project Adelson was expected to provide, if he backed out, The Nevada Independent said.

Earlier in January, the team formally applied to relocate to Las Vegas after playing in Oakland since 1960, except for 1982-1994, when they played in Los Angeles.

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The loss of major financial backer Sheldon Adelson has not deterred plans for the Raiders, currently based in Oakland, to build a stadium in Las Vegas and play there.
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2017-46-31
Tuesday, 31 Jan 2017 02:46 PM
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