Sheldon Adelson Withdraws From Raiders’ Las Vegas Stadium Project

According to the Las Vegas Review, Sands Corp. Chairman and CEO Sheldon Adelson has withdrawn as the investor in the proposed $1.9 billion stadium project to be built in Southern Nevada.

The Adelson family released the following statement:

Full statement from Sheldon Adelson on withdrawing from Las Vegas stadium deal with the Raiders. pic.twitter.com/NcHj7rPBxd

— Nathan Fenno (@nathanfenno) January 31, 2017

The Raiders reportedly expect Goldman Sachs to help finance the stadium project with or without the Adelsons.

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.