After a financial strain with two major players pulling out of the project Bank of America has reportedly move in to save the day.
The report quoted “a person familiar with the Raider’s plans’ saying ‘the team presented the new proposal with financing backed by Bank of America to the NFL’s stadium and finance committees’.
The proposal of $1.9 billion 65,000 seat domed stadium has been seeking a new partner after Sheldon Adelson a casino magnate withdrew his $650 million pledge last month.
The Raiders applied to move to Los Angalas area in 2016 which was denied in favor of the Rams moving from St.Louis. The charges will join the Rams in Los Angeals this season and the teams will share the stadium, its located in Inglewood, and is expected to open in 2019.
This left the Raiders looking for a new home, when the state of Nevada voted last fall fund the project.
The state of Nevada has committed to investing $750 million into the project while the NFL and Raiders will pay the remaining balance of $500 million if three quarters of the league’s owners approve the move. The vote will take place at the end of April. Even if the move is approved the stadium is not expected to be built before 2020, this means that the team will need to find a temporary home for 2019. They have options to train to train at the Coliseum for two more years but that would end prior to 2019.