Looks like Oakland Raiders owner Mark Davis may have finally found someone to lend him a pile of money so he can take advantage of an even bigger pile of public money and build a football stadium in Las Vegas:
Bank of America will back the $1.9 billion Las Vegas football stadium sought by Oakland Raiders owner Mark Davis, paving the way for the team’s move to Southern Nevada, he told NFL owners Monday…
Bank of America’s $650 million stake will be a loan and will not include an equity stake in the team or the stadium.
So, advantage Davis in his ongoing battle with former partner Sheldon Adelson over the stadium they once dreamed of together. (I mean, not literally dreamed the same dreams while asleep, that would be freaky.) It was never entirely clear why Goldman Sachs backed out of lending Davis the money, unless it was out of solidarity with Adelson (which seems awfully non-profiteering of the vampire squid, but maybe), but having a bank that’ll let him borrow $650 million so that he can access $750 million in Nevada tax money is an important step for Davis.
It’s not the final hurdle, though, as he still has to get the Nevada legislature to approve a lease, and his initial proposal is terrible for taxpayers in that he’d keep all stadium revenues and pay only $1 a year in rent, (something that the stadium authority blames on needing to keep the stadium bonds tax-exempt, ha ha ha ow) and also terrible for them in that it has an open-ended “top-tier” state of the art clause that could end up costing the state hundreds of millions of dollars more. Not that either of these are likely to be the main stumbling block with the legislature — they’re more likely to get pissy that their pal Adelson is no longer involved — but it’s something Davis needs to work out before he can take advantage of his new Bank of America card, and it ain’t over till it’s over.