Category Archives: Oakland Raiders

NFL receives plan to keep Raiders in Oakland ahead of March meeting


Ronnie Lott’s group has finally made its move to keep the Raiders in Oakland.

NFL receives plan to keep Raiders in Oakland ahead of March meetingFortress Investment Group has sent the NFL and the Raiders a formal proposal to build a new stadium for the team, according to a Sports Business Daily report. An NFL spokesman confirmed the report to Las Vegas Review-Journal’s Jon Mark Saraceno, noting that the proposal included details for a 55,000-seat stadium, worth an estimated $1.3 billion, in Alameda County.

The Oakland City Council and the Alameda County Board of Supervisors voted in mid-December to support a plan to enter into an exclusive negotiating deal with Lott’s investment team to build a new stadium for the Raiders.

Fortress’s initial plan was accepted by the Oakland council with a 7-0 vote, while the county board voted 3-1. The league, however, rejected the proposal and asked the group to resubmit it with more information.

The resubmitted Fortress plan did not make much changes. In it, Fortress Group’s investors would shell out $400 million for the stadium, while NFL and the Raiders would provide $500 million. The remaining $200 million would come from the city’s coffers.

Oakland Raiders filed the paperwork in January to move from Oakland to Las Vegas, and Fortress’s submission came just ahead of the Annual League Meeting, scheduled from March 26 to 29 in Phoenix, where NFL’s 32 owners will meet to vote on the Raiders’ application to relocate. The Raiders need to receive approval from at least 24 of the 32 teams before they pack their bags and head to the desert.

Attempts to bring the Raiders to the desert has caught the eye of many backers, especially casino magnates like Sheldon Adelson who had pledged $650 million to build a $1.9 billion domed stadium. The billionaire, however, has since pulled out of the project but Raiders reportedly have “two banks ready to loan money” to fill the hole that Adelson left.

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Sheldon Adelson exits the $one.9B Raiders Stadium task


The relatives of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson has backed out from the $one.9 billion soccer stadium that will home the NFL’s Oakland Raiders.

Sheldon Adelson exits the $1.9B Raiders Stadium projectAdelson’s exit from the multi-billion stadium task has reportedly left a money void that even Goldman Sachs might not be ready to fill, according to the Las Vegas Critique-Journal.

The preliminary program was for Adelson to shell out $650 million toward the stadium’s development although the Raiders will commit $five hundred million. The remaining $750 million would be funded by a .88-share-stage maximize in Clark County’s lodge place tax.

“The Raiders are putting a lot of hopes in the Goldman Sachs commitments, but I do not know the extent of their commitments, and I unquestionably do not share that similar amount of hope,” Clark County Fee Chairman Steve Sisolak explained, according to the information report. “If (the Raiders) have a Program B, I’m not informed of it, and the entrepreneurs conference is coming up in two months.”

Citing a supply close to Adelson, the report explained that the on line casino mogul’s exit was brought on by the Raiders’ submission of a proposed lease arrangement to the Las Vegas Stadium Authority on Thursday.

Apparently, Raiders owner Mark Davis was in the on line casino mogul’s business office negotiating with the relatives although Raiders President Marc Badain and Government Vice President Dan Ventrelle ended up making a presentation to the authority board

“It was unquestionably shocking to the Adelson relatives,” the statement explained. “We ended up not only excluded from the proposed arrangement we weren’t even informed of its existence.”

Adelson lamented that “It’s clear the Raiders have resolved their route for transferring to Las Vegas does not consist of the Adelson relatives. So, regrettably, we will no extended be involved in any facet of the stadium dialogue.”

“While this is not the outcome my relatives was hoping for, I am pretty appreciative of the countless people who have given substantial time and electricity to this approach, specially so numerous of our elected officials who have designed this a top rated priority for Southern Nevada,” the statement additional browse.

Reacting to the Adelson’s departure from the task, the Raiders crew certain that the task will proceed as planned.

“The Raiders deeply take pleasure in the initiatives of the Adelson relatives to deliver the Raiders to Las Vegas,” the team’s statement explained. “We know this task could not have advanced to this stage without them. The Raiders remain steadfast in honoring Mark Davis’ dedication to Gov. (Brian) Sandoval and the state of Nevada to pursue relocation to Las Vegas.”

Meanwhile, Stadium Authority chairman Steve Hill thanked the Adelsons for its assistance to deliver the NFL to Las Vegas as effectively as develop a new dwelling for the UNLV soccer crew.

“The authority will proceed to perform with the Raiders firm to fulfill the authority’s tasks as established forth in the Southern Nevada Tourism Advancements Act,” Hill explained in a statement. “In undertaking so, the authority will proceed to ensure the stadium task is produced in a method constant with the clear route of Nevada lawmakers.”

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