Sheldon Adelson backs out of Raiders stadium project in Las Vegas

By Vincent Frank

There’s some major news breaking as it relates to the possibility of the Oakland Raiders moving to Las Vegas. In the same month that the Raiders themselves filed relocation paperwork with the NFL, the move itself is now in jeopardy.

According to the Las Vegas Review-Journal, Sands Corporation CEO Sheldon Adelson has backed out of his involvement in the stadium project.

“The family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson have withdrawn as investors in a proposed $1.9 billion, 65,000-seat domed football stadium intended to bring the NFL’s Oakland Raiders to Southern Nevada,” the report read.

It’s a rather astonishing development considering Adelson was set to cover $650 million of the price tag for construction of the stadium. Under the plan, the Raiders would have committed $500 million with tax dollars approved by Nevada’s legislature accounting for $750 million.

The club has reportedly announced that investment banking company Goldman Sachs will provide the funds to make up for Adelson’s absence.

Also important to note, officials in Nevada approved of the public financing with the understanding that Adelson would be involved in the project. Now that this is no longer the case, we have no idea what is going to happen there.