Goldman Sachs out, attention turns back to Oakland

The Raiders could end up in Oakland by default after a dizzying 24 hours that saw two important investors — including global banker Goldman Sachs — withdraw from a stadium deal that would be the centerpiece of a move to Las Vegas.

The Los Angeles Times, ESPN and other news organizations reported Tuesday that Goldman won’t pursue a $1.9 billion stadium project less than a day after billionaire casino owner Sheldon Adelson announced his family had withdrawn from the deal.

The move casts doubt on how the Raiders might fund a 65,000-seat domed stadium that includes a $750 million public contribution.

The Raiders recently had told the Las Vegas Stadium Authority board they could finance the stadium without Adelson, chief executive of the Las Vegas Sands Corporation and a major contributor to President Donald Trump’s campaign.

But the Los Angeles Times reported that a source said Goldman Sachs’ involvement hinged on Adelson’s $650 million investment. The global banker has a history of helping finance stadia, including Levi’s Stadium in Santa Clara.

Two years ago, Goldman was involved in the talks to house the Chargers and Raiders in Carson, a Los Angeles suburb. The Chargers since announced plans to play at a new stadium being built in Inglewood by the Los Angeles Rams.

It’s unclear how the latest developments will determine what Raiders owner Mark Davis decides to do next. A top Raiders executive said Tuesday the team did not want to address the situa- tion publicly at the moment.

But it has been a sudden turnaround since the Raiders submitted a proposed lease agreement to the stadium authority Thursday that angered local officials and caught the Adelson family unaware. The agreement included a $1 annual rent and demands on controlling the scheduling and field markings for University of Nevada Las Vegas football games. The Rebels are supposed to share the facility with the Raiders, who would invest $500 million.

“In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement,” Adelson said in a statement.

The casino magnate who also owns the city’s largest newspaper had played a big role in getting Nevada lawmakers to approve a $750 million bond package for the stadium to be repaid over 30 years by hotel taxes.

Before the week began the Raiders were looking to get NFL approval for the move as early as the owners meetings March 26-29 in Phoenix. The team needs 24 of 32 owners to approve the relocation.

But the vote could be delayed until the team has secured strong financial backing to build a stadium that would open in 2020.

Davis has fewer options. But he still could recruit another big-money Las Vegas investor such as casino owner Steve Wynn. He could explore San Diego because of the Chargers’ move.

The Raiders also could stay in the Bay Area, either playing at Levi’s Stadium or building their own facility to replace the Coliseum, which opened in 1966 and was renovated in ’95.