Raiders could be 'on track' for March vote on Las Vegas relocation
The Oakland Raiders could cement their Las Vegas future by the end of the month.
A strong presentation Monday by the Raiders’ new financing partner gave a sense of confidence to the NFL’s stadium and financing committees, who could recommend it for a vote in time for the league’s annual meetings that begin March 26 in Phoenix.
“While no vote was taken, it looks like it could be on track for a vote at the March meeting,” NFL executive vice president Eric Grubman told Paste BN Sports by email after the meetings wrapped Tuesday.
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There are still things to be finalized, including temporary stadium, condition precedent and lease negotiations. The league would still consider any new information from Oakland, whose mayor, Libby Schaaf, presented her plan Monday to try to keep the Raiders in the Bay Area.
But Grubman said there was “no new information on the A’s (who share the Oakland Coliseum with the Raiders) or the timing” – fundamental issues that leave Oakland without a clear and actionable plan from the NFL’s standpoint. And while Schaaf presented the new thinking from Fortress that the league will analyze, no one from the investment group attended the meeting.
Meanwhile, Grubman said, officials from the Raiders and Bank of America “presented a traditional structure for the full amount of the financing” that needed to be addressed after billionaire casino magnate Sheldon Adelson and Goldman Sachs, which has close ties to Adelson, dropped out.
In October, Nevada Gov. Brian Sandoval signed a bill for $750 million in public funding towards the nearly $2 billion stadium project. Adelson had pledged $650 million towards the project, but announced he was severing ties after the Raiders presented a plan that didn’t include him.
The Raiders have pledged $500 million, some of which would be covered by an NFL loan. Bank of America is fully committed to the construction loan, which the Raiders could use in full or in part depending on sale of personal seat licenses, naming rights, etc.
Raiders owner Mark Davis has said the Las Vegas stadium probably wouldn’t be ready until 2020, leaving the Raiders to play out their option years in Oakland the next two seasons and then figure out a one-year lease somewhere for 2019.
Twenty-four of 32 NFL owners would need to approve relocation. The Raiders' current plan A relocation fee has not been determined.
Follow Tom Pelissero on Twitter @TomPelissero.
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