The Las Vegas NFL experiment is up in the air after potential partner of the proposed Las Vegas stadium, Las Vegas Sands Corp. LVS CEO and chairman Sheldon Adelson pulled out of the project.
Adelson was expected to contribute $650 million to the $1.9 billion stadium project, but was not offered any equity in the team. The casino magnate was apparently upset about being excluded from the lease document presented to the Clark County Stadium Authority.
As the Las Vegas Sands chairman was a key catalyst in the deal moving forward, Goldman Sachs' potential backing in the project is now also questionable, after sources cited that without Adelson, the deal won't move forward.
Goldman Sachs has a longstanding business relationship with Adelson and likely does not want to upset the billionaire by moving forward with the project.
That commitment is also on top of an NFL induced $500 million relocation fee that the San Diego Chargers just agreed to after moving the team to Los Angeles. Speculation that San Diego could be an appealing market for the Raiders has emerged, with its built in Southern California Raider fan-base and vacant stadium.
The San Diego City Councilman office told Benzinga that the city is open to talk to the Raiders management about a possible relocation if the deal in Las Vegas deal falls through.
Image Credit: By Jeffrey Beall - Own work, CC BY 3.0, via Wikimedia Commons© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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