Adelsons no longer involved in Vegas Raiders stadium plan - FOX5 Vegas - KVVU

Adelsons no longer involved in Vegas Raiders stadium plan

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Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson testifies in court Monday, May 4, 2015, in Las Vegas. (AP Photo/John Locher) Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson testifies in court Monday, May 4, 2015, in Las Vegas. (AP Photo/John Locher)

Sheldon Adelson, who is arguably the primary face of the Raiders' possible move to Las Vegas, is bowing out of a project to build a stadium for the NFL team.

In a statement released Monday, the Adelson family announced they were no longer involved in "any facet of the stadium discussion."

In the past, Adelson's Sands Corporation pledged to inject $650 million to help fund the $1.9 billion stadium meant for the Raiders and UNLV football. The plan called for the stadium to become a multi-use facility that would also hold conventions under the Sands umbrella.


However, negotiations between Sands and the Raiders in terms of an ownership interest in the team held up any confirmed financing. Adelson in late October reportedly expressed a willingness to walk away from the project.

In a statement late Monday, Adelson expressed shock about the family being excluded from leasing talks involving the Raiders.

"The Oakland Raiders came before the Las Vegas Stadium Authority last week with a proposed lease agreement that has sent shockwaves through out community," the statement lead. "It was certainly shocking to the Adelson family. We were not only excluded from the proposed agreement; we weren't even aware of its existence."

Adelson continued, "In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed out community partners, particularly UNLV, through the proposed agreement. It's clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family."

Adelson concluded, "While this is not the result my family was hoping for, I am very appreciative of the countless people who have given considerable time and energy to this process, especially so many of our elected officials who have made this a top priority of Southern Nevada."

Last September, a special session of the Nevada Legislature was called to approve a hotel tax that would help fund $750 million of the project.

In what could have been a sign the Raiders were also willing to go on without Adelson, the Raiders expressed to the Southern Nevada Tourism Infrastructure Committee they had drawn commitments from investment group Goldman Sachs earlier this month.

In response, Steve Sisolak, the Clark County Board of Commissioners chairman, expressed his appreciation for Adelson's efforts.

“I am sorry to hear about this development. We would not be as close as we are to having an NFL franchise in Las Vegas without the initiative and leadership of Dr. Miriam and Sheldon Adelson and their team. I sincerely appreciate the time and effort they all have contributed to this project, and I remain hopeful that we will see our NFL dream come true," Sisolak said in statement.

In a statement, Gov. Brian Sandoval, R-NV, said despite the Adelsons' move, legislation regarding the state's contribution will remain unchanged:

“I would like to thank the Adelson family for their role in bringing a publicly-owned stadium to Las Vegas. It is unfortunate that they were unable to come to terms with the Raiders. The terms of the legislation do not change and the state’s contribution will not increase as a result of this announcement. I am hopeful that the Raiders are working to secure the additional funds that would have been provided by the Adelson family. At a minimum, we have set up a framework and funding source for building a stadium for UNLV. The process in place outlines that the Stadium Authority Board will continue to evaluate stadium site locations, development plans, and vet all operating agreements.” 

Later Monday evening, the Raiders organization gave its statement on the Adelson move:

"The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas. We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring Mark Davis' commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas."

Earlier this month, the Raiders franchise filed for relocation to Las Vegas. A league meeting set for late March is expected to vote on approving the move.

Stay with FOX5 and for updates.

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