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Adelson Out Of Raiders’ Vegas Stadium Plan
AP Photo/John Locher, File – Sheldon Adelson
Adelson’s decision comes just after a team proposal to the Clark County Stadium Authority to pay $1 a year in rent and operate the stadium. The project is now without Adelson and family’s proposed $650 million. The Raiders are to pitch in $500 million.
Team officials said previously they were enlisting investment bank Goldman Sachs for the project.
In a statement, Adelson said “We were not only excluded from the proposed agreement, we weren’t even aware of its existence. It’s clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family. So, regrettably, we will no longer be involved in any facet of the stadium discussion.”
Adelson played a substantial role in convincing the Raiders to relocate, which eventually grew into a $750 million commitment of taxpayer money to the project
Nevada Gov. Brian Sandoval’s office said the lease agreement submitted last week would have the Raiders take on $1.15 billion of the cost of the stadium, and accept operation responsibilities and risk.
However, Adelson’s departure means the Raiders can go forward with a decision pending from NFL owners who must sanction the move.
It also means the Raiders won’’ have to ask team owners to waive a rule prohibiting casino operators from having ownership roles in teams.
The lease proposal would have the Raiders operate the 65,000-seat stadium to be built at a site yet to be decided.
The relocation to Las Vegas must be approved by 24 of the 32 NFL team owners. A vote is expected during league meetings in March in Phoenix.
NFL Commissioner Roger Goodell said there is “a great deal of work to be done” before the Raiders’ move can take place since team “relocations are painful.”
Goodell also said there should be a fine line between team sports gambling and the NFL and he doesn’t think a casino could own an NFL team.