The Raiders have applied for permission to move to Las Vegas. Their ability to secure 24 owner votes surely hinges on their ability to replace the financing that Sands casino owner Sheldon Adelson had planned to contribute. And that Goldman Sachs had planned to contribute.
As it stands, the Raiders don’t have a partner who will kick in the $650 million necessary to add to the $750 million from the Nevada taxpayers and the $500 million from the NFL and the Raiders to build the $1.9 billion stadium in Las Vegas. They reportedly claim they do, however. Specifically, the Raiders reportedly told the NFL that they have two banks ready to kick in the cash needed to build the stadium.
Assuming that these two banks are more real than a nerd’s Canadian girlfriend (mine was from Nova Scotia; it was random enough to seem almost plausible), the Raiders still have other obstacles to overcome. They’ll need someone with expertise when it comes to building and operating a stadium. And they’ll need to hope that Adelson isn’t able to throw a wrench into the gears.
While it initially appeared that Adelson may try to screw things up out of spite, Adelson now seems to be interested in finding another NFL team to move to Las Vegas. To keep that option open, he’ll need to slam the door shut on the Raiders.
That’s the battle to watch as this process unfolds. Can Adelson keep the Raiders out -- and can Adelson find another franchise that wants to move in? With public money drying up in most jurisdictions, owners who need new stadiums will have to choose between paying their own way or relocating. With three quarters of a billion dollars in free money available in Las Vegas and another $650 million at the real from Adelson, Nevada becomes a potential nirvana.