On Monday, billionaire owner of the Sands hotel and casino in Las Vegas Sheldon Adelson, rescinded his promise of a $650 million contribution to the Oakland Raiders new stadium deal.
According to Adelson, he was not included in negotiations of a lease agreement with the Clark County Stadium Authority, and therefore felt it necessary to remove himself from the situation.
On Monday, billionaire owner of the Sands hotel and casino in Las Vegas Sheldon Adelson, rescinded his promise of a $650 million contribution to the Oakland Raiders new stadium deal.
According to Adelson, he was not included in negotiations of a lease agreement with the Clark County Stadium Authority, and therefore felt it necessary to remove himself from the situation.
“We were not only excluded from the proposed agreement, we weren't even aware of its existence,” he said. “It's clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family.”
Following the removal of Adelson’s support, the Raiders were prepared to take on the additional financial burden of the $650 million, as well as operational responsibilities for the new stadium.
However, the success of the $1.9 million project was contingent upon a loan from investment bank Goldman Sachs, which also withdrew from the deal on Tuesday afternoon.
According to ESPN, Goldman Sachs has a history of good relations with Adelson and did not feel comfortable doing business with the team after his withdrawal.
Nevada Gov. Brian Sandoval said in a statement that the terms of the $750 million funding bill passed by the Nev. State Senate will not change, adding that "the state's contribution will not increase as a result of this announcement."
Other sources have said that the support for the project found in the senate was largely gained through the influence of Adelson, and should not be viewed as a “standing commitment.”
