The Oakland Athletics have revealed their plans for the new Las Vegas stadium, including the allocation of public funding and private financing. While the team was initially granted $380 million in public money, they now anticipate using $30 million less, leaving $350 million for the project.
The Oakland Athletics have unveiled their financing plans for the new Las Vegas stadium, indicating that they will utilize $30 million less than the originally allocated $380 million in public funding. The team's executive, Sandy Dean, presented the details to the Las Vegas Stadium Authority, outlining their strategy to supplement the public investment with private financing and equity.
Dean stated that the A's intend to finance $300 million of the stadium's cost, with the remaining $800 million coming from private equity. The team has not yet secured lenders for the financing component but has received considerable interest from various companies.
The stadium, with a planned capacity of 33,000 seats, is projected to cost $1.5 billion. The A's aim to open the ballpark for the 2028 season, having secured the necessary funding through a combination of public and private sources.
The A's have retained the services of Galatioto Sports Partners, a New York-based firm, to assist in securing investors for the project. The team is also seeking to renegotiate a 30-year non-relocation agreement, requesting the option to play up to seven games over two years outside Las Vegas, potentially at international or special U.S. sites such as the Field of Dreams in Iowa.
After playing this season in Oakland, the A's will relocate to a Triple-A stadium in West Sacramento, California, for the following three seasons, with an option for a fourth. They will share the facility with the River Cats, the San Francisco Giants' Triple-A affiliate.
The A's' decision to use $30 million less than the allocated public funding indicates a prudent approach to project management. The team plans to manage costs effectively while ensuring the stadium meets the needs of the organization and the Las Vegas community.
The financing plan is subject to approval from the Las Vegas Stadium Authority and other relevant parties. The project is expected to create jobs, stimulate the local economy, and provide a state-of-the-art sports and entertainment venue for Las Vegas.
