Almost there: Oakland Raiders set to line up on Las Vegas goal line

By Vincent Bonsignore, Los Angeles Daily News (TNS)

Thursday, March 9, 2017 | 2 a.m.

The Oakland Raiders have moved into the Red Zone on their quest to relocate to Las Vegas.

And the final push over the goal line could happen sooner rather than later.

According to multiple high-ranking National Football League sources, the NFL's owner-comprised stadium and finance committees are poised to recommend the Raiders relocation request to Las Vegas be voted on at the league's annual meeting in three weeks in Phoenix.

The inclination to make the recommendation is based on two-days of meetings in Florida in which the Raiders, according to sources with intimate knowledge of the meetings who spoke on the condition of anonymity, presented a strong case for their Las Vegas bid.

The most compelling part being, the Raiders securing Bank of America to fill the $650 million funding gap created when Las Vegas Sands Corp. head Sheldon Adelson walked away from the deal after he and the Raiders could not come to terms on a partnership deal.

The presence of Bank of America was viewed by the committee as a critical competent, and sources privy to the details of the bank's participation described the deal as similar to ones that other NFL teams have struck with lenders over the years on stadium projects.

The Raiders are proposing a $1.9 billion stadium off the Las Vegas Strip in which the state of Nevada has already committed $750 million through an approved hotel tax hike and the Raiders will contribute $500 million.

Bank of America completes the financing, and the Raiders appeared to have hit the necessary notes with the 18 owners making up the stadium and financing committees to move forward on a vote.

"This is on track for a vote by the end of March," said a high-ranking league source.

The source stressed there are still some loose ends the Raiders have to tighten up before a recommendation will be extended for this to go to a vote, but that the Raiders gave assurances they'll have the deal buttoned up in time for a vote in three weeks.

Among them: Securing a lease for the Las Vegas Stadium, which could happen as early as today when the Raiders meet with the Las Vegas Stadium Authority at 1 p.m. at the Clark County Commission Chambers.

The authority board will revisit the draft stadium lease agreement submitted in January by the Raiders and since revised by the team after an initial review the local officials.

While some have speculated about what Raiders owner Mark Davis had to put up as collateral to secure Bank of America's involvement, NFL Vice President Eric Grubman explained the project itself is strong enough to support debt financing.

"The project is the collateral," Grubman said.

Also ahead for the NFL and the Raiders, deciding on a relocation fee and the mechanism for repayment and, possibly, the stadium and finance committees providing a recommendation to the full ownership group to approve or reject the Raiders relocation bid.

And it's appearing more and more likely it's heading in that direction.