Worth an estimated $500 million, Davis isn’t quite rich enough to fork over his share of the stadium construction cost on his own. Instead, he’d sought out the financing through Goldman Sachs. But with Adelson’s $650 million gone, and Davis now out of capital sourcing, the only projected funding aspect of the $1.9 billion project is the city of Las Vegas’ promised $750 million.<\/p>\n
Nevada Governor Brian Sandoval (R) said during the original lease presentation that Davis\u00a0had told the authority that he would be willing to cover Adelson’s $650 million. Apparently this was news to the Sands CEO, however.<\/p>\n
\n“We were not only excluded from the proposed agreement; we weren’t even aware of its existence,” Adelson explained in a statement. “We will no longer be involved in any facet of the stadium discussion.”<\/p>\n<\/blockquote>\n
Long Odds<\/h2>\n The friction and its fallout are now creating a multitude of problems for the NFL boss. Davis needs to find $1.15 billion, and fast.<\/p>\n
After already filing relocation paperwork with the NFL, a vote from the league’s owners was expected to take place sometime next month. Davis needs a three-quarter majority backing to move the team to Las Vegas.<\/p>\n
With Goldman Sachs bailing out, and no other capital funding source imminently on the horizon, the odds for the Raiders’ move to Las Vegas are getting longer. In the wake of Brexit and President Donald Trump, it probably should surprise no one that a project that seemed to be all but a sure thing, is now barely one.<\/p>\n
In fact, on Wednesday, Westgate Las Vegas SuperBook Manager Jeff Sherman tweeted out this:<\/p>\n
\n“handicapping Raiders move to LV I’d say it’s gone from 90\/10 (yes -900 no +600) moving as of a few weeks ago to 50\/50 (yes -110 no -110) now”<\/strong><\/em><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"The Oakland Raiders and Mark Davis appear more likely to be staying put in the Bay Area after billionaire Sheldon Adelson announced he was withdrawing his $650 million pledge to a proposed $1.9 billion NFL stadium in Las Vegas. Just hours later, multinational financial company Goldman Sachs revealed it also\u00a0would no longer be part of […]<\/p>\n","protected":false},"author":42,"featured_media":44479,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,1074],"tags":[],"acf":[],"yoast_head":"\n
Oakland Raiders Move to Vegas in Jeopardy After Goldman Sachs Bails<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n