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 offensive lineman next in line for extension with Carr's deal done

Raiders offensive lineman next in line for extension with Carr's deal done

The Raiders locked up Derek Carr last week, signing their franchise quarterback to a five-year, $125 million contract extension.

He isn’t the only member of the 2014 draft class worthy of a raise. Edge rusher Khalil Mack will get a big one, likely at some point next offseason. The Raiders have some time with Mack after exercising a fifth-year contract option available for first-round picks.

General manager Reggie McKenzie didn’t have that luxury with Carr, and his 2014 second-round pick cashed in before formally entering a contract year.

Right guard Gabe Jackson could do the exact same thing. McKenzie prefers to draft, develop and reward homegrown talent, and the 2014 third-round pick should be next in line to do so.

McKenzie has said back in March that he’d like to extend Jackson’s contract, though there isn’t a deadline to do so.

“There’s no timetable,” general manager Reggie McKenzie said. “But, I alluded to earlier in the offseason that Gabe is one of the guys I want to get locked up.”

That could happen later this offseason, or further into training camp. Despite paying Carr an NFL-record $25 million in 2017, his contract is structured in such a way that there’s room for another offseason extension. That was important for Carr, that the Raiders can sign other members of this young core.

“We figured out a way to do it,” Carr said, “so that we have the opportunity to sign the other guys that I think are important to this organization.”

The Raiders have roughly $18 million in salary cap space after the Carr deal. Some of that is earmarked for the team’s top three draft picks, which remain unsigned to this point. A large sum could go to Jackson as incentive to sign up early, well before he’s eligible to hit the unrestricted free agency.

The offensive guard market is booming, with bigger deals going to a position group generally lower than other spots on the offensive line. The Raiders contributed to that inflation in 2016, signing left guard Kelechi Osemele to a five-year, $58.5 deal with $25.4 million in guarantees.

Osemele is one of eight guards with contracts worth $40 million or more, a list that includes two right guards. Jackson played left guard – the more valued position – until Osemele showed up. He moved to the right without complaint.

Jackson thrived there as well. He didn’t allow a sack in 2016, according to analytics site Pro Football Focus, with 27 quarterback pressures in 735 pass-blocking snaps. Jackson has been a strong run blocker as a pro, where he has started 44 games in three NFL seasons.

Finding proper value to entice Jackson to sign while remaining on budget is McKenzie’s next task, trying to keep a valuable offensive lineman in place for years to come.

Carr plans to spread new wealth after Raiders contract extension

Carr plans to spread new wealth after Raiders contract extension

ALAMEDA – Derek Carr isn’t one for extravagance. The low-key Raiders quarterback already has some nice cars, a house and some luxury items to his name, but signing a $125 million contract extension Friday morning won't prompt a spending spree.

Cornerback Sean Smith suggested he get a Bugatti. That’s a $1 million car.

“Yeah,” Carr said with a smirk. “That’s not going to happen.”

That isn’t the 26-year old’s style. Carr had a his own plan after signing on the dotted line.

“I’ve been eating clean,” Carr said. “I’ll probably get Chick-fil-A.”

That makes sense. This is a guy who celebrated his first NFL victory with a trip through a Carl’s Jr. drive-in.

There will be other purchases. His wife Heather will get something nice in the near future. His family, especially Heather and sons Dallas and Deker, will be taken care of for life.

After all that, Carr plans to spread the wealth.

“The exciting thing for me moneywise, honestly, is this money is going to help a lot of people,” Carr said. “I’m very thankful to have it, that it’s in our hands because it’s going to help people. Not only in this country, but in a lot of countries around the world. That’s what’s exciting to me.”

Carr and former Raiders running back Latavius Murray took a missionary trip to Haiti, an impoverished nation had a profound impact on the star quarterback.

“I’ve been down to Haiti and I’ve seen some of those struggles that they have and the kids there, and my heart just… I cry sometimes thinking about it,” Carr said. “So, just knowing that we can go down there and make a difference and help, those are the kind of things that the money makes me kind of like, ‘Oh my gosh.’ Because now we can really do some things to help a lot of people.”

He plans to support those in that area, in addition to global and domestic charities he has been involved with over the years. Don’t expect a press release accompanying every donation. Carr would rather keep those decisions private.

“I’m going to do my best to make sure no one knows what we do with it,” Carr said. “I’ll just say this, I can assure you that it’s going to help a lot of people. I’m not stingy. My business manager will probably be on me saying, ‘Hey man, that’s enough.’ I won’t get into when, how or why. It’s not all about that for me. It’s about making a difference. That’s what’s exciting for me is that we’ll be able to do that.”