National Football League sources: Bank of America to back Raiders Las Vegas stadium

Bank of America to complete financing on Raiders Las Vegas Stadium

Oakland Raiders team president Marc Badain told the NFL finance committee on Monday that the team has secured financing for a 65,000 seat stadium, league sources said.

It should be noted that securing funding doesn't secure a relocation bid to Las Vegas, as 24 of the NFL's 32 owners must approve any potential move. Billionaire GOP donor/goblin king Sheldon Adelson was supposed to pick up $650 million of the tab, but he backed out in late January.

Goldman Sachs, which had also said it would finance part of the Raiders' proposal, withdrew a day later. Adelson helped spearhead a $750 million hotel tax toward the project, while the Raiders are contributing $500 million.




Furthermore, the league would have asked Adelson to divest himself of his casino interests, at least according to NFL commissioner Roger Goodell, who discussed the matter during his State of the League Super Bowl address.

The Raiders have played in Oakland since 1995, and if they were successful in moving to Las Vegas, they'd be the first National Football League team to play in the Entertainment Capital of the World. "That is not something that is consistent with our policies".

The Raiders have identified a 62-acre plot on Russell Road, west of Interstate 15 and the Mandalay Bay Resort and Casino on the south end of Las Vegas, as their preferred site and they would share the stadium with UNLV. "Having (BOA officials) appear at the (Monday) meeting saying they were prepared to put up the financing carried a lot of weight". Apparently Bank of America has stepped up to provide just that, a reported $1.9 billion domed stadium in Sin City. Although, as usual, it was short on specifics.

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