The Oakland Athletics have informed the Las Vegas Stadium Authority that they do not anticipate utilizing the full $380 million in public funds allocated for the construction of a new stadium in Las Vegas. The team plans to utilize $350 million of the allocated funds, leaving $30 million unspent. Additionally, the Athletics intend to finance $300 million of the stadium cost, although they have yet to secure any lenders for this portion of the project.
According to the team executive, there has been significant interest from various companies looking to participate in the financing of the stadium. The remaining $800 million required for the $1.5 billion stadium project will be sourced from private equity.
During the recent board meeting, a 30-year non-relocation agreement was discussed. The Athletics have proposed the possibility of playing up to seven games over two years, which would typically be held in Las Vegas, at international locations or special U.S. sites like the Field of Dreams in Iowa. However, no more than four of these games in a year would be played outside Las Vegas.
The team aims to inaugurate the 33,000-seat ballpark for the 2028 season. The financing plan supplements the public funding approved by the Nevada Legislature in a special session last June and endorsed by Governor Joe Lombardo.
The Athletics have enlisted the services of New York-based Galatioto Sports Partners to assist in identifying potential investors for the project.
As the Athletics prepare to bid farewell to Oakland after this season, they have agreed to play the subsequent three seasons, with an option for a fourth, at a Triple-A stadium in West Sacramento, California. The team will share this facility with the River Cats, the Triple-A affiliate of the San Francisco Giants.
For more MLB news, visit AP MLB.
