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Goldman Sachs Backs Out Of Raiders Stadium In Las Vegas

Photo Credit: Sports Illustrated

The Oakland Raiders have made headlines in recent weeks after filing relocation papers for Las Vegas. Owner Mark Davis has been persistent in moving his team after plans to build a new stadium in Oakland fell through and it seemed like he was finally going to get his wish.

However, the Raiders in Las Vegas is no longer a foregone conclusion as billionaire casino mogul Sheldon Adelson withdrew from the proposed stadium deal. According to Ramona Shelburne of ESPN, the team’s move to Las Vegas has hit another snag:

The Raiders’ proposed move to Las Vegas was dealt another blow Tuesday afternoon when investment bank Goldman Sachs withdrew its financial support for the project.

However, all hope is not lost as the team reportedly has other options in advance of the late-March owners meeting:

The Raiders could find another investment bank to replace Goldman Sachs in the deal or take on another partner to replace Adelson, in advance of the late-March owners meeting where their relocation to Las Vegas was to be considered. They could also return to Oakland.

The Raiders relied on Goldman Sachs for financial support and were prepared to move forward with their stadium plans even when Adelson pulled out, but the bank reportedly felt uneasy continuing without him in the fold. The Raiders were prepared to spend the $650 million Adelson had agreed upon assuming that Goldman Sachs would still provide a loan.

NFL team owners will be voting on approving the Raiders proposal during meetings in late March, but with Adelson and Goldman Sachs pulling out of the stadium deal, it may not matter anymore.

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