The Los Angeles Daily News's Vincent Bonsignore first reported the bank's involvement, and the Las Vegas Review-Journal later received confirmation from an National Football League spokesperson that the Raiders told the NFL's stadium and finance committees earlier today that they'd gotten the bank on board.
The franchise still needs to apply for formal relocation at the NFL owners meetings March 26-29 in Phoenix according to ESPN, and two thirds of the league's 32 owners need to approve the move. Expect for the Raiders' relocation vote to pass later this month, and for the team to playing near the Vegas strip in 2020.
The team thought it had a backup plan in place with Goldman Sachs, but the investment firm also backed out amid speculation that its long-standing relationship with Adelson was a factor.
This October, Las Vegas Golden Knights, an ice-hockey team, will become the first side from the city to participate in one of America's big four leagues. "Bank of America is well-known in the NFL". The Raiders returned to Oakland from Los Angeles in 1995. However, Adelson dropped out with an angry letter that cited his dismay at several of the Raiders' proposed terms for its use of the stadium. The Raiders already had $750 million in public money lined up for the new stadium, which will cost an estimated $1.9 billion.
And while some have speculated about what Raiders owner Mark Davis had to put up as collateral to secure Bank of America's involvement, NFL Vice President Eric Grubman explained the project itself is strong enough to support debt financing.
Interestingly it was reported over the weekend that Dallas Cowboys owner Jerry Jones was attempting to find new investors for the Raiders to facilitate the move.
Perhaps the Oakland Raiders have figured out their new stadium situation after all.