More financing details after A’s owner pledges $1 billion to build soccer stadium

LAS VEGAS (KTNV) — New details regarding the financing of the Oakland Athletics football stadium in Las Vegas emerged Thursday morning at the Las Vegas Stadium Authority Board meeting. Here’s what we learned:

The construction of a football stadium may cost more than originally estimated

A’s owner John Fisher and members of his family are expected to invest the funds 1 billion dollars in the project This is in addition to 380 million dollars public funds that Nevada lawmakers have pledged to build the stadium.

Initially, the cost of the project was expected 1.5 billion dollars — but athletics executive director Sandy Dean said Thursday And now they believe that more money is needed for this than to build a football field.

He also provided some new details about where does the money for the construction of the park come from?.

The Fisher family It is expected to contribute $1 billion to the total cost. Dean said U.S. Bank reviewed the family’s finances and confirmed they were there “more than enough resources” to finance the investments required for the construction of the stadium.

There will also be a Term loan for construction in the amount of 300 million dollars from Goldman Sachs and US Bank, Dean said.

It is expected that the stadium administration will receive documentation about these sources of funding the next meeting is December 5.

As for how much bigger the budget should beDean said the A’s also expect to present a clearer construction budget at that meeting.

Previously, Dean only reported on the Channel 13 team plans to use $350 million of the $380 million in public funds approved for the project.

Las Vegas Convention and Visitors Bureau President and CEO Steve Hill says final agreements will be discussed at the Dec. 5 board meeting.

Fisher may sell minority stake in A’s

Meanwhile, They say that Fisher contact contacts in the Las Vegas Valley regarding the prospect of owning a minority stake in athletics. If they get the money from such a transaction, Dean says, it will mostly go toward buying a stake in the company, but some of it could be put toward stadium costs.

“The opportunity for locals here in Las Vegas to be part owners, minority owners in the team, I think would be a really beneficial thing,” Hill said. “It’s not necessarily that the A’s can move forward, so it doesn’t really have to happen until December or until construction starts or something like that.”

Hill tells us that construction is still in the works somewhere in the second quarter – maybe in April.

The stadium will be built on the site of St formerly Tropicana Las Vegas resort that was demolished earlier this month. GGG Demolition, part of the team that tore down the historic hotel, figured it would take four months so that the site is ready for construction.

If this schedule is followed, the lot should be empty and ready for construction around February 2025