With Financing in Hand, The Oakland Raiders Appear Destined for Las Vegas.
The Oakland Raiders have found financing for the Las Vegas Stadium. According to Vincent Bonsignore of the Los Angeles Daily News Bank of America will finance the funding gap for the Raiders. I mentioned them as one of the banks my sources told me here.
Vincent later reported that the NFL feels the financials are strong enough to cover the dept burden. And that Eric Grubman said that,
“I will simply say the project as presented appears to pass the financial tests”
This was something a few owners had concerns over. However, once again, if you have been following my articles, I explained why the financials were strong in Las Vegas.
Basically Bank of America and the Raiders had a joint presentation and knocked it out of the park.
What about Oakland’s Plan?
Mayor Libby Schaaf and Ronnie Lott presented the Oakland plan to the NFL Stadium and Finance Committee today as well. Unfortunately Fortress Investment Group reportedly chose to abstain from showing up. They day for the Oakland faithful only got worse from there. It was reported that the plan had nothing new than what was previously dismissed by the NFL. Honestly this is appalling.
Throughout this process the NFL has laid out a plan on how to keep the Raiders. They also advised the Mayor on what not do. Apparently she got those two lists mixed up. I have never seen a government official publicly say they wanted to keep a sports team, and then act contrary to that statement at every turn. Time and again she did the exact opposite of what the NFL was suggesting.
The mayor released a statement on their presentation today. But I will not link it. Because, as one of my readers, @1960Autumnwind, put it,
“it seemed to be a copy and paste job.”
So was her stadium proposal. Oakland fans were given the Schaaf today.
