The Raiders lost a key backer for their move to Las Vegas on Monday when billionaire casino owner Sheldon Adelson said that he is withdrawing any offering of stadium finances. Adelson had previously offered to put forward around $650 million for the new Raiders stadium in Las Vegas. That was expected to be around one-third of the total cost of building the new stadium, as total costs are expected to be around $2 billion.
The Raiders did previously state that the stadium finance was secure with or without Adelson’s help; however, his departure does leave the Raiders needing to fill a $650 million hole. The rest of the funding was to be provided by the Raiders, as well as an increase in the hotel room tax.
According to ESPN.com, Adelson was excluded from a lease proposal filed recently by the Raiders. After being left off of the proposal, he announced that he was withdrawing his funding, saying that he had been excluded from the deal and that he was not aware of its existence.
The Raiders are still a couple of years away from making the actual move, but this is still a huge shock for the franchise and one that could have the possibility of disrupting the relocation.