ESPN’s Ramona Shelburne reports that the Raiders plan to relocate the team to Las Vegas has hit another financial roadblock that could put the team’s to relocate in jeopardy.
A source close to the negotiations tells Shelburne that investment bank Goldman Sachs is re-evaluating its relationship with the Raiders and their planned deal. This comes after casino mogul Sheldon Adelson withdrew from the stadium deal with the Raiders on Monday.
Adelson mentioned in that they were shut out of talks with the Raiders.
“We were not only excluded from the proposed agreement,” Adelson said, “we weren’t even aware of its existence.”
Shelburne mentions that Adelson has a longstanding business relationship with Goldman Sachs.
The Las Vegas Review previously reported that the Raiders had informed the NFL that they had assurance from Goldman Sachs to back their relocation effort, even in the event Adelson was no longer financing a portion of the stadium project. According to Shelburne, Goldman Sachs is now re-evaluating its position and Adelson’s withdrawal, the entire deal could be in danger.
Meanwhile, Jason Cole reports that the Raiders move to Las Vegas is in “serious jeopardy” right now, as they’ve “ticked off” Adelson with their lease plan to go along with the governor and UNLV. Cole adds that Adelson had been willing to welcome the Raiders as of last week, even if he wasn’t a part of the deal. However, he and other in Nevada now believe the Raiders and owner Mark Davis are unethical.
The original plan called for the Adelsons to contribute $650 million towards construction with another $500 million coming from the Raiders and another $750 million to be available from bonds.
A few weeks ago, the Raiders officially filed the relocation paperwork to move the team to Las Vegas.
The Raiders now need 24 votes from owners to relocate to Las Vegas, which could happen in time for the 2020 season. The team is expected to remain in Oakland for the next two years before making the move to Nevada.
In regards to Oakland, sources have told Ian Rapoport that they’ve made no progress to keep the team in the Bay Area and haven’t come up with a stadium proposal that the league considers credible.
All things considered, Rapoport says that it’s now just a matter of time before the Raiders move.
The Raiders have until February 15 to officially file for relocation.
In terms of ownership support for a Raiders relocation, Rapoport mentions that they are making progress and the idea is gathering some momentum while opposition appears to be subsiding.
We’ll have more regarding the Raiders moving to Las Vegas as the news is available.