Posted: December 3, 2024 at 11:24.
Last updated: December 3, 2024 04:09h.
John Fisher committed more than $1 billion of his family’s personal wealth to benefit his MLB team, formerly known as the Oakland Athletics, according to documents released at Thursday’s Las Vegas Stadium Authority board meeting. He is said to have committed to building a $1.5 billion baseball stadium in Las Vegas. Now, for the first time, the stadium will cost $1.75 billion.
AI renders Oakland A’s baseball caps and dispenses cash. (Image: ChatGPT)
The team blamed the estimated $250 million increase on inflation and new stadium equipment. The hard cost estimate is currently $1.45 billion, with $52 million needed for financing costs and $248 million for “soft costs and other,” according to the meeting agenda.
Documents released during the meeting include:
Letter from Fisher promising $1.07 billion Letter from U.S. Bank saying the Fisher family has the wherewithal to make good on its promise Goldman Sachs promising $300 million loan to A’s and Fisher and a letter from U.S. Bank and a letter from Athletics Studco Inc. processing the private capital investment and confirming that the funds are sufficient to move forward.
Mr. Fisher’s $1.07 billion was up from the $820 million he had originally promised due to increased cost estimates.
“As we recognize, the Athletics’ move to Las Vegas is the culmination of our organization’s continued efforts to develop a new, state-of-the-art stadium for our team and its fans,” Fisher’s letter said. It is written in “We’ve spent millions of dollars and years of hard work making this a reality, and we’re excited to begin a new chapter in Las Vegas.”
Latest renderings of the new 33,000-seat A’s stadium proposed for Las Vegas. (Image: Clark County)
The cap on public funding for stadium construction is $380 million, secured through a special legislative session last year. The projected cash budget estimates that only $350 million of these funds will be used, and cost overruns will be obligated to the team.
On Thursday, the stadium authority’s board of directors is expected to vote that the aforementioned documents constitute “adequate financial security” necessary to move forward with the project. It also plans to rubber stamp the revised non-transfer agreement, development agreement, and rental agreement with Company A.
According to the latest version of the non-venue agreement, the Athletics can only play up to four home games away from their stadium each season. This amends a heavily criticized previous draft that allowed up to seven home games on the road.
Bally’s, in partnership with landowner Gaming and Leisure Properties, has already agreed to give the A’s nine acres of the former Tropicana property, valued at about $180 million, free of charge.
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