Dec. 24, 2014
Hold On: The Raiders lose big funding source for Vegas Move (UPDATED)
Just weeks ago the idea of Oakland's NFL franchise heading to Las Vegas was seemingly a done deal only waiting on approval from the league's owners.
Well, hold on there skippy...the done deal may not be so done after whack job Las Vegas billionaire Sheldon Adelson pulled what is believed to be at least $650 million from the proposed $1.9 billion stadium.
Adelson had publicly lobbied for a share of the team for his investment and was miffed at the proposed $1 a year lease Vegas and the State of Nevada had floated to the team as part of the agreement.
Along with Adelson, Raiders owner Mark Davis, who apparently doesn't have the resources to fund most of this deal himself, there was question over Goldman-Sachs willingness to back Davis for funding on the gargantuan edifice just off the famed Sunset Strip.
Here's the early returns from ABC13 in Las Vegas
However...Davis remains confident the investment team will be able to move on without Adelson's help and the withdrawal of the controversial casino may help his standing with NFL owners who were privately uncomfortable having Adleson as part of the project in Sin City.
We should know in the next week or two how this is going to play out as the owners will meet shortly after the Super Bowl to discuss this issue along with the Chargers move to Los Angeles. Both moves are not going to play well with the jaded public---nor should they. The Chargers PR nightmare announcement we hope will have scared the NFL at least a little about moving a long time, well supported franchise.
Though when they look at the dollars involved for both moves---we're pretty sure they aren't going to sweat too much about public reaction even though with declining ratings and revenues---they probably should.
Mike Florio discussed Tuesday morning on "The Dan Patrick Show"
The HQ suspects this is far from over...