Report: Goldman Sachs might not finance new Raiders stadium in Las Vegas
A day after Las Vegas billionaire Sheldon Adelson announced he would pull his money from a plan to build a stadium for the Raiders in Las Vegas, Goldman Sachs might also step back from helping to finance the stadium, acccording to a Los Angeles Times report.
Goldman Sachs' participation in the $1.9 billion proposed plan to build a stadium for the Raiders in Las Vegas was contingent upon Adelson's also being a part of the deal, according to the report. Under the original proposal, the Raiders would pay $500 million, Adelson would contribute $600 million and the stadium authority would put up the remaining $750 million in Las Vegas tax revenues.
Now that Adelson is out, Goldman Sachs could too be out, according to the report.
Earlier this month, the team said the stadium would be financed by Goldman Sachs, regardless of whether the Adelsons contributed, according to the Las Vegas Review-Journal.
In a terse statement on Monday, Adelson declared that he had been excluded from talks before the team sent a lease proposal last week to the public board that will own the 65,000-seat stadium.
"In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement," Adelson said in the statement. "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."
After Adelson's announcement, Nevada Gov. Brian Sandoval's office said the proposal now is for the Raiders to invest $1.15 billion and accept operating responsibilities.
The NFL owners are expected to vote on the Raiders' request for relocation in late March.
Information from the Associated Press was used in this report.