Image Credit: Ron Reiring (CC BY 2.0)
Financial services giant Goldman Sachs has withdrawn it's financial support for the potential future home stadium of the Oakland Raiders. The Oakland Raiders are attempting to relocate to Las Vegas, Nevada. Goldman Sachs, headquartered in Manhattan, are the second group to withdraw their financial support from the Las Vegas Raiders financial pool. Hotel mogul Sheldon Adelson has also withdrawn his financial support for a new stadium that would likely be built near the famous Las Vegas strip.
Sheldon Adelson had originally offered nearly $650 million that would be allocated towards the stadium's construction in exchange for a stake in the team (the NFL would not allow a casino owner to own a team). Adelson retracted his offer after having been excluded from talks of the stadium's potential lease agreement with the University of Nevada-Las Vegas (UNLV). Projected construction costs for the domed stadium are $1.9 billion which would make it the most expensive stadium to construct in the National Football League. The loan from Goldman Sachs was contingent on the $650 million contribution from Adelson. Goldman Sachs also helped finance Levi's Stadium, home of the San Francisco 49ers.
Billionaire Sheldon Adelson
Oakland Raiders owner Mark Davis now has important decisions to make regarding the status of the team. Does the Raiders organization continue to pursue Las Vegas, Nevada as a future home? Could the Raiders potentially find a home in San Diego, California now that the Chargers have relocated to Los Angeles? An investment group in the Bay Area has offered to construct a brand new stadium for the Raiders on the current site of Oakland Coliseum. The stadium would have a capacity of 55,000 seats and would cost a tad over $1 billion to construct. At the moment, that seems like the best option and would certainly keep the Oakland Raiders fan base happy. All 32 NFL owners will vote on the Oakland Raiders relocation bid in March when they meet. A 75% vote of approval will be needed for the Raiders to relocate to Las Vegas. At this point, that scenario seems unlikely.
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