During a recent meeting with the Las Vegas Stadium Authority, Sandy Dean from the Oakland Athletics revealed that the club does not intend to use the entire $380 million in public funds designated for the construction of a new stadium in Las Vegas. Dean stated that the A’s plan to utilize $350 million of the allocated funds, leaving $30 million unspent. Additionally, the club aims to finance $300 million of the total stadium cost, with no lenders currently secured for this portion of the project.
In order to cover the remaining $850 million needed to build the $1.5 billion stadium, the A’s are looking towards private equity investment. They have enlisted the help of New York-based Galatioto Sports Partners to assist in finding suitable investors for the project. While Dean mentioned a 30-year non-relocation agreement, no decision was made during the recent board meeting.
The financing to supplement the public funding approved by the Nevada Legislature and Gov. Joe Lombardo in June of last year seems to be falling into place. The A’s are hopeful that the Fisher family, the team’s owners, will be able to provide all the necessary equity for the project. Steve Hill, the president and CEO of the Las Vegas Convention and Visitors Authority, expressed confidence that the ballpark construction will proceed as planned, with a scheduled opening for the 2028 season.
According to Hill, the construction timeline for the new A’s baseball stadium is relatively conservative compared to other major projects in the area. Allegiant Stadium, home of the NFL’s Raiders, was completed in less time than what the A’s have budgeted for their new stadium. The stadium authority is following a similar template that led to the successful opening of Allegiant Stadium, which included the use of personal seat licenses (PSLs) to generate significant revenue.
While the Raiders saw great success with PSLs, Dean mentioned that the A’s have not yet determined where or how they will offer these licenses for purchase. He acknowledged the differences between football and baseball seasons, emphasizing that baseball offers more games, making individual season tickets more valuable in comparison.
The exact location of the new stadium has been a topic of interest, with Dean confirming that the facility will offer an outward-facing view of popular Strip resorts like the MGM Grand and New York-New York. This development marks a crucial step forward in the stadium’s progress.
As the A’s prepare for the transition to their new Las Vegas home, they are currently playing their final season in Oakland. Following this, they have agreed to play the next three seasons, with a possible fourth, at a Triple-A stadium in West Sacramento, California, which they will share with the River Cats, the San Francisco Giants‘ Triple-A affiliate.
The Oakland Athletics have ambitious plans for a new stadium in Las Vegas, with a solid financial strategy in place and an expected timeline for completion. As they bid farewell to Oakland and look towards the future, the A’s remain committed to providing fans with a top-notch baseball experience in their upcoming Las Vegas venue.
Napsat komentář