Raiders land new financing for Vegas stadium proposal

ALAMEDA, Calif. — The Oakland Raiders told the NFL on Monday they have found a new partner to finance their proposed stadium in Las Vegas: Bank of America.

A person familiar with the Raiders’ plans said the team presented the new proposal with financing backed by Bank of America to the NFL’s stadium and finance committees. The person spoke on condition of anonymity because the plan was not made public.

The Raiders had been seeking a new partner for the proposed $1.9 billion, 65,000-seat domed stadium after casino magnate Sheldon Adelson withdrew a $650 million pledge last month.

The state of Nevada has committed $750 million to the project, while the Raiders and NFL would pay the remaining $500 million if three-quarters of the league’s owners approve a move. A vote could come at the owners meetings later this month.

Oakland Mayor Libby Schaaf also made a presentation to the committees Monday in hopes of persuading owners to prevent the Raiders from moving. Schaaf offered no new plans to satisfy concerns from the league about a proposed new stadium near the site of the outdated Coliseum, the person said.

Even if a move is approved later this month, the stadium is not expected to be built before 2020. The Raiders have options to play at the Coliseum for two more years but could need to find a temporary home in 2019 if they move. In other NFL news: • The San Francisco 49ers told receiver Torrey Smith they plan to release him before the start of the league year Thursday, just two years after giving him a big freeagent deal, according to a person with knowledge of the decision. Smith thanked the 49ers on his Instagram account for his time in San Francisco.

The Niners won just seven games in Smith’s two seasons in San Francisco after he signed a five-year, $40 million contract with $22 million guaranteed. Smith, 28, caught 53 passes for 930 yards and seven touchdowns with the 49ers.