Oakland Athletics Secure Approval for $1.75 Billion Las Vegas Stadium, Set to Break Ground in 2024
The Las Vegas Stadium Authority has approved key agreements for the Oakland Athletics to build a $1.75 billion stadium on the Las Vegas Strip, marking a significant milestone in the team’s plans to relocate to Nevada. The approved documents include a 30-year lease and a non-relocation agreement, ensuring the team’s commitment to Las Vegas for decades. Steve Hill, CEO of the Las Vegas Convention and Visitors Authority, celebrated the approval, calling it a momentous occasion for the city. The Athletics’ board member, Sandy Dean, expressed gratitude to all those involved in getting the project to this point.
Although the major hurdles for the stadium’s construction have been cleared, some details remain to be finalized, such as a development agreement with Clark County. The team is targeting a groundbreaking in spring 2024, with the goal of opening the stadium in time for the 2028 MLB season. Dean mentioned that the discussions with the county are still in the early stages, but the county has been supportive of the timeline. The cost of the stadium has increased by $250 million due to inflation and enhanced amenities, which include a cooling system and seating arrangements that bring fans closer to the field.
The stadium, which is expected to have a 30,000-seat capacity, will be funded partly by public money from Nevada and Clark County, totaling $380 million. However, public financing will only begin once the Athletics have invested at least $100 million of their own funds into the project. So far, the team has contributed $40 million. The Athletics’ owner, John Fisher, has increased his financial commitment to $1.1 billion, with plans to raise more funds through loans and possible investors. A $300 million loan from U.S. Bank and Goldman Sachs will help finance the stadium, though Dean emphasized that any cost overruns will be the responsibility of the team.
During the meeting, Hill expressed confidence in Fisher’s ability to meet the financial requirements, noting that letters from U.S. Bank and other entities confirmed that Fisher has sufficient assets to cover the costs. The Stadium Authority board was provided with assurances from the banks and a review of Fisher’s finances, validating his ability to fulfill his financial pledges. These commitments included a loan agreement, financial statements, and other documents showing Fisher’s capacity to fund the project, regardless of whether additional investors are secured.
In the interim, the Athletics will play their home games at a minor league ballpark in West Sacramento, California, for at least the next three seasons. This relocation follows the team’s departure from Oakland after 57 seasons. The A’s move to Las Vegas will add another major professional sports team to the city, joining the NFL’s Raiders, the NHL’s Golden Knights, and the WNBA’s Aces. The Golden Knights and Aces have both recently won championships, enhancing Las Vegas’ growing reputation as a sports hub.
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