The Oakland Raiders have secured the financial backing of Bank of America to finance their proposed move to Las Vegas, according to Vincent Bonsignore of the Los Angeles Daily News.
#Raiders informed #NFL they have secured Bank of America to complete the financing on Las Vegas Stadium plan
— Vincent Bonsignore (@DailyNewsVinny) March 6, 2017
The bid nearly fell apart when both billionaire casino mogul Sheldon Adelson and Golden Sachs pulled their financial support for the new stadium project, but this funding from Bank of America ensured the move can still be a reality.
Adelson had pledged $650 million to the $1.9 billion project, with the city of Las Vegas has putting $750 million to the stadium project and the Raiders being responsible for the remaining $500 million. Bank of America would be responsible for the $650 million they were originally going to get from Adelson.
Oakland has already submitted their bid for relocation to the NFL, and the final step will be receiving the approval of the league's owners (24 of 32 needed to approve the move). That vote will take place during the annual league meeting on March 26-29.
Follow our Oakland Raiders news page for all the latest Raiders news!
Back to the Las Vegas Raiders Newsfeed