Oakland Raiders receive commitment from Bank of America to finance Las Vegas stadium

iStock/Thinkstock(ALAMEDA, Calif.) – Bank America has agreed to finance a stadium in Las Vegas for the Oakland Raiders franchise according to an ESPN report. The team informed the NFL’s finance and stadium committees of the commitment Monday.

The Raiders proposed a dome stadium in Las Vegas for a potential move. It would seat 65,000 people and cost $1.9 billion.

The franchise still needs to apply for formal relocation at the NFL owners meetings March 26-29 in Phoenix according to ESPN, and two thirds of the league’s 32 owners need to approve the move.

The Raiders originally received a $650 million pledge from casino magnate Sheldon Adelson to build the stadium, but Adelson withdrew his commitment in January. Goldman Sachs also withdrew support, opening an opportunity for Bank of America to finance it.

NFL Commissioner Roger Goodell said at his state of the league address during Super Bowl week that the league “hasn’t made a determination about Las Vegas as an NFL market,” adding that “there’s a great deal more work to be done.” He says financing is just one of the steps in securing a stadium.

ESPN reports Raiders owner Mark Davis does not envision a stadium being completed in Las Vegas until approximately 2020. He told ESPN in the fall the team plans on staying in Oakland for at least two more seasons.

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