LAS VEGAS (AP) — The Las Vegas Stadium Authority is expected to approve a 30-year lease, non-relocation and development documents Thursday to clear the last major hurdles for the Athletics to construct a stadium on the Strip and bring Major League Baseball to the expanding sports market.
Other details would still need to be worked out, such as a development agreement with Clark County, but groundbreaking would likely take place with a scheduled opening for the 2028 season.
The cost for the A's stadium has risen by $250 million to $1.75 billion because of inflation and added fan and player amenities, club executive Sandy Dean has said.
Nevada and Clark County are providing $380 million in public funds for a 30,000-seat domed stadium estimated to have a capacity of 33,000. Public financing doesn’t begin until the A’s have spent at least $100 million, and Dean said this week the organization already has invested $40 million.
Dean also said club owner John Fisher increased the previous pledge of his family’s money to $1.1 billion. Dean said U.S. Bank and Goldman Sachs will offer a $300 million loan. Fisher still hopes to attract investors in Las Vegas and elsewhere who would purchase equity in the team, according to Dean.
Four letters will be presented at the Stadium Authority board meeting to show that the financing is in place to build the ballpark even if Fisher doesn’t attract investors:
— A loan commitment from both banks.
— Fisher and his family have the ability to meet their financial pledge.
— U.S. Bank’s review of the owner’s finances backs up that Fisher has the money in place.
— The commitments to Athletics StadCo LLC, an entity created to handle the private capital investment.
The A’s will play at least the next three seasons at a minor league ballpark in West Sacramento, California. They recently played their last of 57 seasons in Oakland, California.
The LVSA decision is expected hours after news broke that the A's had signed free-agent pitcher Luis Severino to a $67 million, three-year contract, the richest deal in club history.
This would add another professional team to a Las Vegas market that also includes the NFL's Raiders, NHL's Golden Knights and WNBA's Aces. The Golden Knights and Aces have combined to win three championships in recent seasons.
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AP MLB: https://apnews.com/hub/MLB
Mark Anderson, The Associated Press
