Mark Davis getting bailed out by Bank of America
Mark Davis just got super lucky in all this, just like he did in life. If you don’t remember from a while ago, basically everyone was pulling out of the deal to finance a stadium in Las Vegas. Super villain Sheldon Adelson felt slighted by Davis and pulled out of the deal. Then the cards started falling because Adelson has major ties with Goldmen and Sachs. They were the bank that was going to finance this huge deal for the stadium.
Davis made some major mistakes because you guessed it he is not a very good business man. This made the deal dead in the water for the time being. Mark Davis’ money was all tied up in the team. The deal is worth $1.5 billion dollars and he needed a lot of money to the tune of $650 million.
Well I couldn’t imagine the back door deals that went down but Bank of America is going to pick up the tab. News came out Monday that they will secure the financing needed to build the stadium. It was brought up in front of the NFL and now they have to agree on the proposed plan. The Raiders would need to get 24 yes votes out of 32 owners to seal the deal.
Rapoport reported that the vote will happen later this month at the League meetings in Phoenix.