Update on the Oakland Raiders Stalled Move to Las Vegas
You see the ubiquitous term to opt-out used on the Net and elsewhere. When you opt-in you agree to join or click to affirm your position. But you also have the option to opt-out. I want in but if I change my mind, I want out. Committing to a lack of commitment !
How do you opt-out of a $650 million proposal to bring an established NFL franchise team to your place of business ?
The Oakland Raiders stalled move to the Vegas market has shattered the hopes and expectations of the Las Vegas business and local communities. What a mix of mis-communications, bad judgement and overall dismay of how to screw things up. The proposed move by the Raiders to Las Vegas is now in limbo following a huge change of events.
With Vegas casino mogul Sheldon Adelson and investment giant Goldman Sachs opting-out and withdrawing proposed funding and support, the Vegas relocation effort is either dead or on life support. Adelson is a self made billionaire and Goldman Sachs is the top gun on Wall Street. You cannot do any better than these two giants. A $650 million dollar investment is a smaller deal than the billion dollar proposals they fund every year. Adelson wanted a part interest but he really wanted to get an NFL franchise for the Vegas business market. Goldman Sachs just wanted it for investment purposes and felt very comfortable with Adelson on board.
The Raiders recently stated they could finance the stadium without Adelson if that did happen. A bold statement to the Las Vegas stadium authority without much fore-thought. Sheldon Adelson was their best chance to relocate to Vegas. Adelson is the number one guy in the Vegas business market. He is not somebody to jerk around and deceive without some repercussions. Raiders owner Mark Davis was out of his league trying to bypass Adelson with some prank amateurish closed door deal.
Davis and the Raider organization proposed a lease agreement to the stadium authority for a one dollar annual rent plus other demands about the UNLV football program marketing and stadium usage. This angered local officials and surprised the Adelson family, who were totally unaware of any such proposal and kept on the outside of any communications.
Why would you neglect your major supporter and most powerful ally from a common business courtesy?
Why was Adelson left in the dark without a hint of communication. Was it stupidity or was it a planned strategy to get Adelson to opt-out, which he did. A man of such powerful stature does not need any such dealings. To bad for the city of Las Vegas but Adelson was not about to be excluded from any negotiations or proposals with his $650 million investment on the line. It was an affront to Adelson to jerk him around so he naturally opted-out. He wanted the Raiders in Vegas but not at any cost.
The owners meeting in March will likely put the vote for the Raider relocation to Vegas on the shelf until this soap opera continues to unfold. Other proposals will jump into the fray but any future direction for the Raiders is an ongoing speculation without a rudder. They will play in Oakland next year but the uncertainty is now becoming time sensitive. With all the speculation and funding proposals on shaky ground, it would be ironic if the Raiders remain in Oakland with a new stadium deal. This after all their spent resources used by their faulty management and being left with appeasing their questionable loyalty to the Oakland community.
