The Oakland Athletics have hired an investment firm to raise $500 million for their planned $1.5 billion stadium in Las Vegas, a move that would secure about one-third of the funding and involve minority stakes in the franchise.
The Oakland Athletics are on a quest to secure a significant portion of funding for their planned $1.5 billion stadium in Las Vegas, and they have turned to an investment firm to aid in their pursuit. Galatioto Sports Partners, a firm specializing in sports financing, has been hired by the Athletics to raise $500 million for the stadium project.
Under the proposed deal, investors from Galatioto Sports Partners would acquire minority stakes in the Athletics franchise, according to the Los Angeles Times. The firm boasts a track record of facilitating successful negotiations with other Major League Baseball (MLB), National Football League (NFL), and National Basketball Association (NBA) teams.
The planned stadium, which is expected to open by 2028, has been a topic of discussion for several years. Originally, the Athletics hoped to complete construction a year earlier, but the timeline has since shifted. The Nevada state government has committed approximately $380 million towards the project.
In March 2024, the Athletics and their design team unveiled renderings of the stadium, showcasing its striking design inspired by the Sydney Opera House. The stadium is set to accommodate 33,000 spectators and feature an 18,000-square-foot video board—the largest in MLB.
Fans of the Athletics will bid farewell to their current home, the Oakland Coliseum, after the 2024 season. From 2025 to 2027, the team will temporarily reside at the home of the San Francisco Giants' Triple-A affiliate in Sacramento.
The stadium will be constructed on a portion of the 35-acre site owned by Bally's at the intersection of Tropicana Avenue and Las Vegas Boulevard. The existing Tropicana resort on that location will be demolished to make way for the stadium and a hotel.
Approximately 2,500 parking spaces will be available at the new stadium, along with convenient nearby garages similar to those utilized at T-Mobile Arena down the street.
The Athletics' relocation to Las Vegas has not been without controversy. The team's initial choice of land for the stadium was met with opposition, leading to a second option. Vegas Mayor Carolyn Goodman has expressed concerns about the team's plans, suggesting they reconsider remaining in Oakland.
Despite these challenges, the Athletics are optimistic about their future in Las Vegas. In their final season in the Bay Area, they have shown improvement with a record of 13-17, surpassing their dismal 6-24 record through 30 games last year.
The move to Las Vegas represents a significant chapter in the Athletics' history, and the team's efforts to secure funding are crucial to the realization of their new stadium. With the assistance of Galatioto Sports Partners, the Athletics aim to attract investors and ensure the timely completion of their Las Vegas home.
