While the play on the field helped guide the Oakland Raiders on their return to greatness, the dilemma off the field has turned into a media circus, with constant news trying to aide one side or the other. Mark Davis presented his pitch, while the NFL owners will ultimately decide upon their faith in the coming days.
When taking a look at things from the Las Vegas side, it seems like they have all their chips in place. Davis was able to salvage his proposal with the backing of Bank of America, after Sheldon Adelson and Goldman Sachs dropped out. With that side of the deal figured out, the state of Nevada pulled out all the stops in being able to back up their investment in the new stadium.
The annual NFL owner’s meeting is scheduled for this week, with the Las Vegas situation captivating the headlines. Davis needed a total of 24 of the 32 owners to vote in favor of the deal, with other owners such as Jerry Jones in favor of the relocation.
The constant negotiations provided different situations financially, as the NFL considered all sides of the deal and the fluidity of it. A key note that has appeared in the media shows that the Las Vegas stadium deal actually is less expensive than expected, via Daniel Kaplan of SportsBusiness Journal:
The Raiders relocation resolution pegs the cost of the Vegas stadium at just under $1.7 bil. that's $200 mil less than widely reported
— daniel kaplan (@dkaplanSBJ) March 26, 2017
That $200 million turns into a significant chunk of change when viewing the deal financially, which also puts a damper in the Oakland deal. After some shaky results early, it seems Davis has found the right formula to possibly get approved, even if it involves him taking out a loan.
Mayor Schaaf also sent an outline proposal for NFL Commissioner Roger Goodell outlining the deal, but reportedly received a response stating that their improvements didn’t necessarily address the concerns Goodell’s side had.
It was also reported that Nevada was able to access about another $200 million towards addressing the stadium:
And the resolution says there's another $200 mil of public funds 4 capital improvements at Vegas stadium, on top of the $750 mil. done deal
— daniel kaplan (@dkaplanSBJ) March 26, 2017
On the other end of the spectrum, the city of Oakland viewed all their options in the matter, but had a rather composed attitude for a situation that was out of their hands. The city submitted an initial proposal, with the help of Ronnie Lott and the Fortress Investment Group.
However, that proposal did little to sway any opinions and needed to be revised. That revision came this past week, with what Oakland Mayor Libby Schaaf called a last-ditch effort to keep the team in Oakland. The proposal featured some tweaks in regards to the Fortress Investment Group, in order to mimic the role Bank of America had.
