Bank of America to finance Raiders stadium proposal in Nevada
CALIFORNIA (KUSI) — The Oakland Raiders announced Monday that the Bank of America will finance their proposed stadium plan in Las Vegas.
The team has been looking for a new investment partner after Sheldon Adelson, a casino mogul, withdrew his funds last month.
According to the Associate Press, a source close to the team said they presented their new plan with financial backing from the Bank of America to the NFL. The plan has not yet been made public.
The Raiders are asking for a proposed $1.9 million, 65,000-seat stadium.
According to AP, the city of Nevada is offering $750 million to the project, with the Raiders and NFL paying the remaining $500 million if three-quarters of the league’s owners approve their request to relocate.
The Raiders requested to relocate to Los Angeles last year, but where beaten by the Rams, who will share a stadium in Inglewood with the Los Angeles Chargers starting in 2019.
According to AP, if the relocation request is approved, the stadium isn’t expected to be built until 2020. The Raiders have the option to continuing playing at the Coliseum for two more years, but will need a temporary place to play in 2019 if they relocate to Las Vegas.