ALAMEDA, Calif. — The Oakland Raiders told the NFL on Monday they have found a new partner to finance their proposed stadium in Las Vegas: Bank of America. ADVERTISING ALAMEDA, Calif. — The Oakland Raiders told the NFL on Monday
ALAMEDA, Calif. — The Oakland Raiders told the NFL on Monday they have found a new partner to finance their proposed stadium in Las Vegas: Bank of America.
A person familiar with the Raiders’ plans said the team presented the new proposal with financing backed by Bank of America to the NFL’s stadium and finance committees. The person spoke on condition of anonymity because the plan was not made public.
The Raiders had been seeking a new partner for the proposed $1.9 billion, 65,000-seat domed stadium after casino magnate Sheldon Adelson withdrew a $650 million pledge last month.
The state of Nevada has committed $750 million to the project, while the Raiders and NFL would pay the remaining $500 million if three-quarters of the league’s owners approve a move. A vote could come at the owners meetings later this month.
Oakland Mayor Libby Schaaf also made a presentation to the committees on Monday in hopes of persuading owners to prevent the Raiders from moving. Schaaf offered no new plans to satisfy concerns from the league about a proposed new stadium near the site of the Coliseum, the person said.
The Raiders have been looking for a new stadium for years as they seek to move out of the outdated Coliseum, which is the only current stadium used by an NFL and Major League Baseball team and is unable to generate the revenue for the team the way more modern stadiums around the league can.
The Raiders applied to move to the Los Angeles area last year, but the league turned that request in favor of the Rams moving from St. Louis. The Chargers will join the Rams in the Los Angeles area this season and the teams will share a stadium in Inglewood, which is expected to open in 2019.
That left the Raiders looking for another option, which became Las Vegas when the state of Nevada voted last fall to commit the money to the project.
Even if a move is approved later this month, the stadium is not expected to be built before 2020. The Raiders have options to play at the Coliseum for two more years, but could need to find a temporary home in 2019 if they move.
49ers to release WR Torrey Smith
The San Francisco 49ers told receiver Torrey Smith that they plan to release him before the start of the league year Thursday, just two years after giving him a big free-agent contract.
A person with direct knowledge of the decision on Monday confirmed the move on condition of anonymity because the 49ers hadn’t formally announced a decision to part ways with Smith.
Smith later thanked the 49ers on his Instagram account for his time in San Francisco.
“It didn’t go the way we wanted it to but I’m thankful for the relationships I was able to build,” he wrote. “I had a great time in the locker room with my teammates and equipment staff. I’d like to apologize to the fans because you didn’t get to see me at my best. Regardless of what other may think, I believe the 49ers organization is first class and is heading in the right direction.”
The Niners won just seven games in Smith’s two seasons in San Francisco after he signed a five-year, $40 million contract with $22 million guaranteed. They fired coach Jim Tomsula after Smith’s first season and coach Chip Kelly and general manager Trent Baalke after the team went 2-14 in 2016 to match the worst record in franchise history.
The team hired general manager John Lynch and coach Kyle Shanahan as part of a rebuilding project this offseason. Quarterback Colin Kaepernick opted out of his contract last week to become a free agent, leaving the team with no quarterback on the roster and only one wide receiver, Jeremy Kerley, with more than 20 career catches.
The 28-year-old Smith caught 53 passes for 930 yards and seven touchdowns in two seasons with the 49ers as he never became the deep threat that he was with the Ravens when he helped Baltimore beat San Francisco in the Super Bowl following the 2012 season.
Smith had just 20 catches for 267 yards last season before missing the final three games with a concussion.
In six seasons, Smith has 266 catches for 4,521 yards and 37 touchdowns.