Oakland Raiders punt on Bank of America to bankroll Vegas stadium

Since then, there have been multiple efforts to find investors for the stadium, most recently from Dallas Cowboys owner Jerry Jones NFL Oakland Raiders have finally found someone to finance the development of its $1.9-billion stadium in Las Vegas.

Raiders owner Mark Davis reportedly told fellow NFL owners on Monday that Bank of America will back the 65,000-seat domed stadium, according to the Las Vegas Review-Journal, noting that the bank’s $650 million stake will be a loan and will not include an equity stake in the team or the stadium.

The Raiders have been seeking a new partner for the proposed stadium in Las Vegas after casino billionaire Sheldon Adelson backed out of his pledge to help build the stadium.

The initial plan was for Adelson to shell out $650 million toward the stadium’s construction while the Raiders will commit $500 million. The remaining $750 million would be funded by a 0.88-percentage-point increase in Clark County’s hotel room tax. Adelson, however, backed out of the project, followed by Goldman Sachs, putting the Raiders relocation plans on shaky ground.