LAS VEGAS (KXNT) – One day after losing primary individual contributor Sheldon Adelson to plans for a $1.9 billion Las Vegas stadium home for the NFL’s Raiders, the investment firm that had been expected to fill Adelson’s funding void is telling news outlets that they have also abandoned the project.
Financier Goldman Sachs is telling multiple news outlets that their involvement in the construction deal was brokered contingent on Adelson’s role — and without the billionaire’s original $650 million investment, the firm will also not put a financial stake in the project. The news was first reported by The Los Angeles Times early Tuesday.
Another source told Yahoo Finance that the investment giant had a “commitment to finance a stadium with the Raiders and Sheldon Adelson in partnership.” But the partnership disintegrated once Adelson bowed out of the deal.
By late Tuesday afternoon, Goldman Sachs, Sheldon Adelson, the Raiders and the NFL had declined to officially comment on the news reports.
The latest blow to plans to bring the Raiders to Las Vegas came one day after Adelson issued a statement removing his family’s $650 investment and expressing anger over the team’s lease proposal offered to the Las Vegas Stadium Authority last week.
“It was certainly shocking to the Adelson family,” the statement read. “We were not only excluded from the proposed agreement; we weren’t even aware of its existence…It’s clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family…Regrettably, we will no longer be involved in any facet of the stadium discussion.”
A published report by the Las Vegas Review-Journal stated the Raiders’ hired research firm Applied Analysis told Stadium Authority board members that Goldman Sachs was invested in the project regardless of Adelson’s involvement.
The Raiders responded to Adelson’s comments with a statement of their own, saying “the Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas…We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring Mark Davis’ commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas.”
It was not immediately clear what the current upheaval will ultimately mean to plans to relocate the team. The Raiders applied for relocation with the NFL last month and were expected to lead a vote to approve the deal among NFL owners in March. 24 of the league’s 32 owners have to OK the move before the team could be allowed to come to Las Vegas.