Athletics owner John Fisher and his family are set to invest $1 billion into building a stadium in Las Vegas, with U.S. Bank and Goldman Sachs providing a $300 million loan, according to club executive Sandy Dean on Thursday.
Dean spoke at a special meeting of the Las Vegas Stadium Authority board.
He mentioned that four letters will be presented at the authority meeting on December 5, confirming the construction details and financing plans. Final approvals are expected then, allowing work to begin on the $1.5 billion, 30,000-seat domed stadium, which can hold up to 33,000 fans.
“We feel like we’re on the right path and it will become clearer in the months ahead,” Dean said to the board.
Construction is set to start in the spring, aiming for an opening before the 2028 season. Up to $380 million in public funds will be used for the stadium, which will be located on the Las Vegas Strip, where the Tropicana used to be.
Dean noted that Fisher is still looking for partners in the Las Vegas area who might invest in the team, helping to finance the stadium.
“We’ve been consistent in saying it would be good coming to Las Vegas to have outside partners from Las Vegas,” Dean said after the meeting. “That process has just begun. The ability to finance the stadium is independent of that.”
Regarding the financing, the four letters presented in December will provide more details.
The first letter is the loan commitment from U.S. Bank and Goldman Sachs, which Dean mentioned would likely be a five-year term that would switch to a permanent loan once the construction is completed.
Another letter states that Fisher and his family can meet their financial commitment. Dean explained that the third letter from U.S. Bank confirms that a review of the owner’s finances shows the Fisher family has more than enough resources to cover the equity investment needed to build the stadium.
The fourth letter details the commitments to Athletics StadCo LLC, a group created to manage the private investment. A draft lease agreement and deed were also presented to the board.
“We feel like these documents are on track for the schedule that we have been talking about for a number of months,” said Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority. “We feel like there’s a real possibility we’ll be able to reach a conclusion on all of them on Dec. 5.”
Dean mentioned that an updated construction budget will be shared at that meeting, and he acknowledged that the final cost will likely increase “by something.”
Hill said the documents will be made public a few days before the December meeting, and he does not expect any issues with approval.
“There are a couple of places where we need to get the language right, but we’ve had enough of a conversation to understand that everybody understands what the outcome is intended to be,” Hill noted.
He gave the example of ensuring the details regarding parking are properly worded.
The A’s will play at least the next three seasons in West Sacramento, California. The club announced it will have 60 of its 81 home games next season at night, matching the 1968 A’s for the most in their history.
This includes 25 of 28 games at night in June and July when temperatures can often reach 100 degrees (37.8 Celsius) or higher.
Their first game in Sacramento is March 31 against the Chicago Cubs. The A’s just completed their last of 57 seasons in Oakland, California.
