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Las Vegas NFL stadium loses $650M of private investment??
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MplsBison Offline
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Post: #1
Las Vegas NFL stadium loses $650M of private investment??
http://www.usatoday.com/story/sports/nfl.../97267980/

Quote:"The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas," the team said in a statement. "We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring Mark Davis' commitment to Governor (Brian) Sandoval and the State of Nevada to pursue relocation to Las Vegas."

...

“The Oakland Raiders came before the Las Vegas Stadium Authority last week with a proposed lease agreement that has sent shockwaves through our community,” read his statement. “It was certainly shocking to the Adelson family. We were not only excluded from the proposed agreement; we weren’t even aware of its existence.

“In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement.

“It’s clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family.”


Fine with me. These stadiums should be publicly financed. They should be people's stadiums, like public parks.

With professional teams paying rent to play there.
01-31-2017 10:36 AM
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Brookes Owl Offline
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RE: Las Vegas NFL stadium loses $650M of private investment??
It's already a record-setting level of public contribution; it will not increase...

Governor Brian Sandoval Wrote:The terms of the legislation do not change and the state's contribution will not increase as a result of this announcement.

Goldman Sachs is supposedly taking over for Adelson.

There is something missing from this story though. It's hard to imagine Adelson was caught by surprise here. We knew Davis was talking to Goldman Sachs - I think we heard the NFL asked him to secure alternative financing. We also heard that the Raiders and Adelson were still fighting over terms last fall (and that Davis got angry at the suggestion Adelson was seeking a ownership stake). If Davis was drafting a lease agreement without Adelson's knowledge, and without Adelson as a party to the agreement, the partnership was already over (no need for Adelson to back out). My guess is that the two sides were still so far apart that there was some anger involved and Davis didn't mind publicly firing Adelson, but now Adelson is trying to save a little face by "backing out" of a deal from which he has already been ejected.
01-31-2017 12:40 PM
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Curumim Offline
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RE: Las Vegas NFL stadium loses $650M of private investment??
Let's see what the future has for the bad guys

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01-31-2017 12:44 PM
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bluesox Offline
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Post: #4
RE: Las Vegas NFL stadium loses $650M of private investment??
Mark Davis is pretty dumb for backstabbing the king of Vegas. I think the NFL should put the raiders in Levi stadium but guess they don't really have that power. If the raiders are going to move they should be 2 team in LA but that's not possible unless ownership trades franchises, can't see chargers and raiders owners doing that.
01-31-2017 01:01 PM
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MplsBison Offline
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Post: #5
RE: Las Vegas NFL stadium loses $650M of private investment??
(01-31-2017 12:40 PM)Brookes Owl Wrote:  It's already a record-setting level of public contribution; it will not increase...

Governor Brian Sandoval Wrote:The terms of the legislation do not change and the state's contribution will not increase as a result of this announcement.

Goldman Sachs is supposedly taking over for Adelson.

There is something missing from this story though. It's hard to imagine Adelson was caught by surprise here. We knew Davis was talking to Goldman Sachs - I think we heard the NFL asked him to secure alternative financing. We also heard that the Raiders and Adelson were still fighting over terms last fall (and that Davis got angry at the suggestion Adelson was seeking a ownership stake). If Davis was drafting a lease agreement without Adelson's knowledge, and without Adelson as a party to the agreement, the partnership was already over (no need for Adelson to back out). My guess is that the two sides were still so far apart that there was some anger involved and Davis didn't mind publicly firing Adelson, but now Adelson is trying to save a little face by "backing out" of a deal from which he has already been ejected.

Guess it makes sense that the NFL had to draw the line somewhere, and not letting a Casino-magnate have direct influence over a NFL tenant was the line.
01-31-2017 01:14 PM
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lew240z Offline
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Post: #6
RE: Las Vegas NFL stadium loses $650M of private investment??
(01-31-2017 10:36 AM)MplsBison Wrote:  http://www.usatoday.com/story/sports/nfl.../97267980/

Quote:"The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas," the team said in a statement. "We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring Mark Davis' commitment to Governor (Brian) Sandoval and the State of Nevada to pursue relocation to Las Vegas."

...

“The Oakland Raiders came before the Las Vegas Stadium Authority last week with a proposed lease agreement that has sent shockwaves through our community,” read his statement. “It was certainly shocking to the Adelson family. We were not only excluded from the proposed agreement; we weren’t even aware of its existence.

“In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement.

“It’s clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family.”


Fine with me. These stadiums should be publicly financed. They should be people's stadiums, like public parks.

With professional teams paying rent to play there.

Great idea. And like public parks admission will be free, right?
01-31-2017 01:18 PM
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MplsBison Offline
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Post: #7
RE: Las Vegas NFL stadium loses $650M of private investment??
A private company is allowed to pay the city to rent a public park (or park space), and charge a fee for people to enter the event.

That is legal. 03-thumbsup


The facility is public property. Events hosted at the facility can be private.
(This post was last modified: 01-31-2017 01:25 PM by MplsBison.)
01-31-2017 01:24 PM
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Brookes Owl Offline
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Post: #8
RE: Las Vegas NFL stadium loses $650M of private investment??
Goldman Sachs is now out too. I think NFL Las Vegas is toast, at least as far as Raiders are concerned. Here's the question: Did Mark screw this up because he is completely out of his depth, or was this the plan all along because he was hoping to leverage Oakland into a better deal? The latter doesn't rule out the former - it could be both.
(This post was last modified: 01-31-2017 05:25 PM by Brookes Owl.)
01-31-2017 05:25 PM
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MplsBison Offline
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RE: Las Vegas NFL stadium loses $650M of private investment??
(01-31-2017 05:25 PM)Brookes Owl Wrote:  Goldman Sachs is now out too. I think NFL Las Vegas is toast, at least as far as Raiders are concerned. Here's the question: Did Mark screw this up because he is completely out of his depth, or was this the plan all along because he was hoping to leverage Oakland into a better deal? The latter doesn't rule out the former - it could be both.

Vince Sapienza ‏@VinceSapienza

Just got off the phone with Goldman Sachs reps, who say GS had deal to finance LV stadium with Adelson AND Raiders. With no Adelson, no deal



Wild guess: NFL owners told Davis that they will vote no if the money comes from Casinos -- have to draw the line somewhere.



Will be interesting to see if state of NV, Clark County, and/or local municipalities will publicly fund the stadium. I think everyone knows the current Raiders ownership has no money, and no interest taking on ownership partners.
(This post was last modified: 01-31-2017 05:57 PM by MplsBison.)
01-31-2017 05:55 PM
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Brookes Owl Offline
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Post: #10
RE: Las Vegas NFL stadium loses $650M of private investment??
(01-31-2017 05:55 PM)MplsBison Wrote:  Will be interesting to see if state of NV, Clark County, and/or local municipalities will publicly fund the stadium. I think everyone knows the current Raiders ownership has no money, and no interest taking on ownership partners.

Can't rule it out but that'd be hard to do with the statement released by the governor today. The deal already has $750MM in public funding - a record amount. Gonna be tough to justify an increase.
01-31-2017 06:27 PM
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