A’s Take Major Step Toward Las Vegas Move with Key Stadium Approvals
December 6 – The Oakland Athletics are now three crucial steps closer to relocating to Las Vegas after the city’s stadium authority approved a series of agreements that will pave the way for the construction of their new home on the Las Vegas Strip. Construction is set to begin in the spring of 2025.
“It’s a really significant day for Las Vegas and for Nevada,” said Las Vegas Stadium Authority Chairman Steve Hill. “There will be much more to come—groundbreaking, a topping-off party, Opening Day, and many years of Major League Baseball.”
On Thursday, the stadium authority approved a development agreement, along with a 30-year lease and non-relocation agreements. As part of the development agreement, the A’s are required to contribute the first $100 million towards the $1.75 billion stadium cost before public funds are utilized. The team has already invested $40 million in the project, according to the Las Vegas Review-Journal.
The lease and non-relocation agreements can be extended multiple times, potentially lasting up to 99 years. They also outline the team’s options if the stadium becomes unplayable or if the A’s attempt to relocate before the lease expires. In addition, the stadium authority approved financing for the stadium’s construction.
Although the cost of the new ballpark has risen by $250 million, bringing the total to $1.75 billion, team owner John Fisher is still expected to cover his share of the bill. According to a letter presented to the stadium authority earlier this week by U.S. Bank senior vice president Stephen Vogel, Fisher and his family, with an estimated net worth of $3.2 billion, have the financial resources to fund the project.
“Fisher family and their related entities have financial assets (excluding their interest in the Athletics Major League Baseball franchise) more than sufficient to fund the equity portion of the proposed capital structure for the Athletics’ Las Vegas stadium,” Vogel wrote.
In addition to Fisher’s personal contribution of up to $1.1 billion, U.S. Bank and Goldman Sachs are providing $300 million in loans for the stadium’s construction, while public funds are contributing $380 million, according to Front Office Sports.
