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Sources: Financial giant Goldman Sachs backs out of Raiders' stadium deal

Sources: Financial giant Goldman Sachs backs out of Raiders' stadium deal
Published On: Wed, Feb 01
Dec 27, 2015; Tampa, FL, USA; Chicago Bears nose tackle Eddie Goldman (91) gets help off the field after an apparent injury during the second half against the Tampa Bay Buccaneers at Raymond James Stadium. Chicago Bears defeated the Tampa Bay Buccaneers 26-21. Mandatory Credit: Kim Klement-USA TODAY Sports

The Raiders' proposed move to Las Vegas was dealt another blow Tuesday afternoon when investment bank Goldman Sachs withdrew its financial support for the project, sources told ESPN's Ramona Shelburne.

The news comes a day after billionaire casino mogul Sheldon Adelson angrily withdrew from the Raiders' stadium deal. Adelson had previously committed $650 million to get the $1.9 billion project completed but announced the removal of his stake in a statement on Monday.

The Raiders had presented a plan to the NFL and state lawmakers that relied on financial support from Goldman Sachs, with or without Adelson, but sources told Shelburne that the investment bank -- which has deep and long-standing business ties to Adelson -- decided Tuesday that it was no longer comfortable continuing in its business relationship with the Raiders after the deal collapsed with Adelson.

Adelson, the CEO of Las Vegas Sands Corp., declared that he had been shut out of talks that led to the lease document presented to the Clark County Stadium Authority.

"We were not only excluded from the proposed agreement," Adelson said, "we weren't even aware of its existence."

Nevada Gov. Brian Sandoval's office said a lease-agreement proposal submitted last week expressed that the Raiders had intended to pick up the tab for Adelson's pulled $650 million, which would up their total commitment to $1.15 billion for a deal in which they would also accept operation responsibilities and risk. However, sources told Shelburne, that deal was contingent on a loan from Goldman Sachs.

The Nevada State Senate had approved a bill to fund $750 million of the proposed stadium, but support for that commitment largely came from Adelson's connections and influence, and sources told Shelburne that it should not be viewed as a "standing commitment."

The Raiders could find another investment bank to replace Goldman Sachs in the deal or take on another partner to replace Adelson, in advance of the late-March owners meeting where their relocation to Las Vegas was to be considered. They could also return to Oakland.

Read the complete news article here...


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