Source: Bank of America commits to help finance Raiders' stadium in Vegas

Source: Bank of America commits to help finance Raiders' stadium in Vegas

The Raiders recently lost a significant portion of their financing for a Las Vegas stadium proposal. They’ve got it back.

The club informed the NFL stadium and finance committees that it received a financing commitment from Bank of America on the proposed $1.9 billion project, a league source told CSN California on Monday.

The Raiders’ relocation prospects looked glum last month, when billionaire casino magnate Sheldon Adelson removed his $650 million commitment to the stadium project after struggling to secure a proper business deal with the Raiders.

Investment firm Goldman Sachs backed out of the deal the following day, creating a huge funding gap in a stadium proposal aimed at getting the Raiders out of Oakland.

The state of Nevada has pledged $750 million in public funds from a tourism tax, with an additional $500 million coming from the Raiders and a loan from the NFL. Bank of America's backing will fund the rest of the project.

The Raiders hope their new financing plan will be well received by the league and set up an opportunity for owners to vote on their Raiders relocation application at the NFL owners meetings from March 26-28 in Phoenix.

A vote doesn’t have to come then, and could occur later in the spring or summer. The Raiders will play in Oakland next season, and have a team option to play here in 2018 as well.

Oakland mayor Libby Schaff also updated the NFL's stadium and financing commitees on a proposal to keep the Raiders in the East Bay, though a separate league source indicated there was nothing new to sway the league.  She released a statement emphasizing the city's intentions Monday afternoon. 

“Oakland is ready to compete," Schaff said in the statement. "We were excited to be offered the opportunity to make a presentation before the National Football League’s Joint Stadium and Finance Committee in Florida. We want to thank the NFL for this invitation to share our vision for a locally-supported proposal that could result in a new home for the Raiders in Oakland.

“Today, we presented a plan that we believe responsibly meets the needs of all parties. We made a sound economic case for keeping the Raiders in Oakland through the creation of what could become one of America’s premier mixed-use sporting venues. Ours is a project that enhances the use of the already-entitled Oakland Coliseum site for the Raiders and for the public benefit and leverages the site’s proximity to BART and other public transit options, Oakland International Airport and major freeways.

“The Oakland solution for the Raiders keeps the Raiders at home in Oakland, in the country’s sixth largest media market that is demonstrating strong growth due to its innovative and diverse economy. 

“What we presented demonstrated the commitment and effort made by the jurisdictions that oversee the stadium land -- Alameda County and the City of Oakland. I thank Alameda County Supervisor Scott Haggerty and Oakland City Council President Larry Reid for their leadership. We have worked collaboratively with Ronnie Lott, Rodney Peete and the investors they have assembled behind this Oakland-based project. Together, we’ve created a framework that gives the Raiders a new stadium in Oakland that is responsible to the team, the league, the fans and Oakland taxpayers.

“The City of Oakland is prepared to support this effort in a way that does not endanger the City’s general fund using the “but for” taxes generated by the project to provide up to $200 million for public infrastructure and transportation improvements. This will support a new stadium and ancillary development that will enhance the economic vitality of East Oakland and better serve our community. Additionally, the City and the County are prepared to leverage the value of the land at this transit-rich site to create jobs, an enhanced fan experience and other opportunities.

“Ronnie Lott, Rodney Peete and the Fortress Group bring the financial assets and the capability to ensure construction completion, manage the sale of private seat licenses and cover any cost overruns – three things that are essential for a successful project to get done. Ronnie Lott and Rodney Peete also bring deep and extensive ties with the NFL, the Raiders and our community.”

Raiders head to NFL owners meetings looking for Las Vegas approval

Raiders head to NFL owners meetings looking for Las Vegas approval

PHOENIX -- All signs point to the Raiders being approved for relocation to Las Vegas. It could happen as early as Monday, when the topic will be discussed at the NFL owners meetings in Phoenix. It could be Tuesday. Or in May. Or at any point in a conference call.

The timing is less important than the ultimate outcome. The when is uncertain. The what seems likely, though not guaranteed, at this stage.

The Raiders need 24 of 32 approval votes to relocate and start construction on new digs.

The Raiders have presented a solid application to the NFL, centered on a stadium proposal in Las Vegas that includes $750 million in public funds for stadium construction. Bank of America, who is financing the project, is expected to loan the Raiders money to complete a financing plan that includes the public contribution and $500 million from the team and the NFL.

The Sports Business Journal reported on Sunday that the estimated stadium cost has dropped to $1.7 billion, and will receive $200 million in infrastructure improvements not included in their construction contribution.

League sources continue to say approval is expected. There is great confidence within the Raiders organization a vote will go their way.

Some issues remain, though none are significant roadblocks. A stadium lease hasn’t been finalized and a site hasn’t been formally announced – it’s reportedly set for a spot just off the Las Vegas Strip near Russell Road – so approval would likely come with conditions that could be met in time.

The Raiders worked a sweetheart deal that mines significant money from the public. They don’t have investors with direct ties to gambling. And, as important as anything else, the NFL doesn’t believe Oakland has a viable plan to keep the Raiders in an otherwise attractive, booming market.

That includes the latest proposal from the Oakland and financial partner Fortress Investments announced on Friday that makes certain concessions aimed at getting the Raiders back to the table.

The Silver and Black haven’t worked with East Bay officials in more than as year, as they’ve shifted complete focus to their Las Vegas quest.

The revised Oakland plan didn’t move the needle, a league executive said. That point was made crystal clear in a letter NFL commissioner Roger Goodell sent to Oakland mayor Libby Schaaf.

“The material that we reviewed earlier today confirms certain information that had previously been communicated orally, such as a willingness to bring bank financing to a stadium project, and a proposed valuation of the land at the Coliseum site,” Goodell wrote in a letter obtained by Bay Area News Group. “It also confirms that key issues that we have identified as threshold considerations are simply not resolvable in a reasonable time. In that respect, the information sent today does not present a proposal that is clear and specific, actionable in a reasonable timeframe, and free of major contingencies.”

That virtually eliminates the prospect of Oakland planting doubt in NFL owners’ minds heading into a pivotal discussion on the topic Monday at the Arizona Biltmore hotel.

It’s possible the stadium and finance committee will make a formal recommendation on the Raiders application to relocate. That could precede a vote, and generally holds significant weight among undecided owners.

A league source said the new Oakland plan will be a talking point, though it may not be viewed in a flattering light. That’s especially true in light of Goodell’s letter.

“At this date, there remains no certainty regarding how the site will be fully developed, or the specific and contractually-defined nature of the participation by Fortress or other parties,” Goodell wrote. “In addition, the long-term nature of the commitment to the A’s remains a significant complication and the resolution of that issue remains unknown. Other significant uncertainties, which we have previously identified, remain unaddressed. We had hoped that the past two years would have allowed both of us to develop a viable project.”

Peterson blasts report over salary demands, outlines main objectives

Peterson blasts report over salary demands, outlines main objectives

Adrian Peterson played defense on Friday night.

Hours after a report suggesting that the four-time All-Pro running back was still a free agent due to salary demands, the former Viking posted a lengthy statement on Instagram along with a video of his running an agility drill.

"YOU CANT BELIEVE EVERYTHING YOU READ OR HEAR PEOPLE. The last thing I'm worried about is playing ball this coming season ... that WILL HAPPEN! It's not all about the money as EVERYONE is speculating here lately. You'd THINK these analysts spoke to me directly. When you don't know what's going on people will say anything to create or make a story! How prideful is it for me to put out ... I won't play for anything less than 8 million! But see, when you don't know a person or what they stand for it's easy to paint YOUR OWN PICTURE. Unfortunately, this is the world we live in! Here is something Straight from the horse's mouth ... finding the best fit & helping a team in a major way win a championship is my main objective! I'm in no rush. Let me eliminate questions or speculation as to why... I believe whole heartedly my God will land me right where I need to be to accomplish what I've asked from him PERIOD"

Early in the free agency period, the Raiders were linked to Peterson, but nothing came of those rumors.

The Raiders, in need of a feature back after Latavius Murray signed with the Vikings, are reportedly pursuing the possibility of luring Oakland-native Marshawn Lynch out of retirement.

Peterson was scheduled to make $18 million in 2017, but the Vikings declined to exercise his contract, making him a free agent. The 2012 NFL MVP turned 32 on March 21 and played in just three games in 2016 due to a major knee injury.

According to the ESPN report, Peterson was looking for a contract that paid him over $8 million in the first year of the deal.

YOU CANT BELIEVE EVERYTHING YOU READ OR HEAR PEOPLE. The last thing I'm worried about is playing ball this coming season ... that WILL HAPPEN! It's not all about the money as EVERYONE is speculating here lately. You'd THINK these analysts spoke to me directly. When you don't know what's going on people will say anything to create or make a story! How prideful is it for me to put out ... I won't play for anything less than 8 million! But see, when you don't know a person or what they stand for it's easy to paint YOUR OWN PICTURE. Unfortunately, this is the world we live in! Here is something Straight from the horse's mouth ... finding the best fit & helping a team in a major way win a championship is my main objective! I'm in no rush. Let me eliminate questions or speculation as to why... I believe whole heartedly my God will land me right where I need to be to accomplish what I've asked from him PERIOD

A post shared by Adrian L Peterson (@adrianpeterson) on