Oakland Raiders, Bank Of America, US Bank Talking Las Vegas NFL Stadium Financing, Sheldon Adelson
Oakland Raiders, Bank Of America, US Bank Talking Las Vegas NFL Stadium Financing, Sheldon Adelson Looms The Oakland Raiders are “talking” with U.S. Bank and with Bank Of America, regarding providing financing for the proposed new stadium in Las Vegas, Nevada. This comes from conversations over the last two days with two sources: one a developer with NFL stadium experience, and the other an elected official who's relationships led him to the news. There's just one giant problem: Sheldon Adelson. With a total personal value said to be over $29 billion, Mr. Adelson has not only done business with U.S. Bank and Bank of America, at least one of his former executives serves on the advisory board of U.S. Bank. Adelson has so many connections that the Oakland Raiders should be worried that the water that their deal desires exists within has been poisoned, and just by the news of how the Las Vegas Sands CEO perceives that he caught Davis trying to double-cross him. It's not just the money Adelson commands, it's the respect many have for him and his company. Mark Davis and Marc Badain really scututtled a great deal: Adelson was not only giving them $650 million of his own money, he was willing to provide favorable revenue percentage splits that Davis would not have been able to land with another partner. Yes, the NFL Owners would ultimately vote against the relationship, but not after a hard, hard look. But what's happened is Davis' fumble has caused Adelson to bring the deal structure to the attention of other NFL Owners, and in the process, has opened the door for a possible new deal with another team. The problem is the clock is now ticking: Nevada's Legislature is Democratic-controlled, where last year, when the Senate Bill One containing the $750 million subsidy provision was approved, it was Republican-controlled. Nevada, lacking a state income tax, could use that planned hotel tax revenue stream for education and for a stadium for UNLV, without the NFL. In other words, Las Vegas is still closed for the Oakland Raiders. The bartender sounded last call days ago; trouble is, the Raiders are getting her to stay open. At some point, they may get kicked out and put on a plane back to Oakland.
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