

Oakland Raiders owner Mark Davis, center, meets with Las Vegas-based fans of his team in April 2016. (John Locher/Associated Press)

The Raiders’ plan to move into a brand-new $1.9 billion stadium in Las Vegas took a major hit Monday when an investor expected to contribute about a third of that amount angrily backed out. Nevertheless, the team reiterated its intention to relocate to that city from Oakland when the facility is ready, possibly in two to three years.

Sheldon Adelson, head of the Las Vegas Sands casino company, issued a statement that a lease agreement recently proposed by the Raiders to the Las Vegas Stadium Authority “has sent shockwaves through our community.” Adelson had been a major force behind the initial idea to build a stadium in Las Vegas and had offered to contribute $650 million toward it, with the city adding $750 million and the team $500 million.

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However, Adelson was apparently dismayed at details of the proposed agreement, which included, according to the Nevada Independent, the Raiders paying just $1 a year to rent the facility, plus the team controlling aspects such as scheduling UNLV football games at the facility, stadium decorations and revenue from the sale of naming rights.

Adelson described the Raiders’ proposal as “certainly shocking” to his family. “We were not only excluded from the proposed agreement; we weren’t even aware of its existence,” he said in his statement. “In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement.”

The team subsequently issued its own statement: “The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas. We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring [team owner] Mark Davis’ commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas.”

Earlier in January, the Raiders submitted a formal application to the NFL to relocate to Las Vegas. Apart from a 1982-1994 stint in Los Angeles, the team has been playing in Oakland since its inception in 1960, but it has been unable to come to terms with that city on a new stadium. The Raiders still plan on playing in Oakland, where they have options to remain through 2018, until they find a new home.

Adelson’s casino connections had given the NFL pause, as the league has long been concerned with the appearance of overt ties to gambling interests, but his financial backing and status in Las Vegas had provided stability to that city’s bid to lure the Raiders with a new stadium. The team reportedly plans on making up for his loss with help from Goldman Sachs, but his departure struck some interested parties as a major blow.

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“This is not a wrench in the wheel, the wheel fell off,” Clark County (Nev.) Commission chair Steve Sisolak told the Independent. “This is an enormous setback in my opinion.”

“I am hopeful that the Raiders are working to secure the additional funds that would have been provided by the Adelson family,” Sandoval said in a statement. “At a minimum, we have set up a framework and funding source for building a stadium for UNLV.”

“It’s clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family,” Adelson said in his statement. “So, regrettably, we will no longer be involved in any facet of the stadium discussion.”