LAS VEGAS (KTNV) — New details on the funding for the Oakland Athletics' Las Vegas ballpark came to light Thursday morning at a meeting of the Las Vegas Stadium Authority Board. Here's what we learned:
Ballpark construction could cost more than initially thought
A's owner John Fisher and members of his family are expected to invest $1 billion into the project. That's in addition to the $380 million in public funds Nevada lawmakers pledged for the stadium.
The project was initially expected to cost $1.5 billion — but Athletics executive Sandy Dean on Thursday said the A's now believe it will take more money than that to get the ballpark built.
He also provided some new details about where the money to build the park will come from.
The Fisher family is expected to contribute $1 billion toward the total cost. Dean said U.S. Bank went over the family's finances and confirmed they have "more than sufficient resources" to fund the investment required to build the stadium.
There will also be a $300 million construction term loan from Goldman Sachs and U.S. Bank, Dean said.
The Stadium Authority Board is expected to receive documentation of those funding sources at its next meeting on Dec. 5.
As for how much bigger the budget needs to be, Dean said the A's expect to present a clearer construction budget at that meeting, as well.
Dean has previously told Channel 13 the team only plans to use $350 million of the $380 million in public funds approved for the project.
Las Vegas Convention and Visitors Authority president & CEO Steve Hill says the final agreements will be discussed at the board's Dec. 5 meeting.
Fisher could sell a minority stake in the A's
Meantime, Fisher is said to be reaching out to contacts in the Las Vegas Valley about the prospect of owning a minority stake in the Athletics. If they get money from a transaction like that, Dean says it will mostly go toward purchasing a share of the company, but some of it could be allocated to stadium costs.
"The opportunity for locals here in Las Vegas to be partial owners, minority owners in the team would be, I think a really beneficial thing," said Hill. "It's not necessary for the A's to be able to move forward, so it doesn't really have to happen prior to December or prior to the start of construction or anything along those lines."
Hill tells us construction is still slated to happen sometime in the second quarter — possibly in April.
The stadium will be erected on the site of the former Tropicana Las Vegas resort, which was imploded earlier this month. GGG Demolition, part of the team that imploded the historic hotel, estimated it would take four months to have the lot ready for construction.
If that timeline sticks, the lot should be empty and ready for construction around February 2025.
