Raiders secure Las Vegas financing

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On Monday, Vincent Bonsignore of the Los Angeles Daily News reported the Raiders told the National Football League they secured financing from Bank of America for a stadium plan in Las Vegas.

The Raiders would need 24 of 32 owners to approve a move, with vote likely coming at the NFL's owner's meeting in Phoenix March 26-29. Billionaire GOP donor/goblin king Sheldon Adelson was supposed to pick up $650 million of the tab, but he backed out in late January. Goldman Sachs also withdrew support, opening an opportunity for Bank of America to finance it. Adelson helped spearhead a $750 million hotel tax toward the project, while the Raiders are contributing $500 million.

NFL Commissioner Roger Goodell said at his state of the league address during Super Bowl week that the league "hasn't made a determination about Las Vegas as an NFL market", adding that "there's a great deal more work to be done".

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"I don't see an ownership position in a team from a casino", Goodell said. The Oakland Raiders seemed like they were on the verge of heading to Las Vegas until, suddenly, the move was called off.

That's easy to say, of course, when the guy with the net worth of $31 billion has already walked away from the table but nonetheless, it does remain the league's public position to date. Bank of America is fully committed to the construction loan, which the Raiders could use in full or in part depending on sale of personal seat licenses, naming rights, etc.

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