A significant day for Las Vegas, Major League Baseball announced Thursday that the Athletics’ relocation plans have cleared a major hurdle with the approval of three long-anticipated agreements required for ballpark construction to begin. The Las Vegas Stadium Authority approved the development, nonrelocation and lease agreements for the A’s planned $1.75 billion ballpark.
The agreements detail how the planned Strip stadium will be built and how the team’s tenure in Las Vegas will be regulated. The lease and nonrelocation agreements are for an initial term of 30 years, with the ability to extend the lease multiple times, up to 99 years.
A’s owner John Fisher and his family will be responsible for $1.4 billion of the cost, which will be covered by a $1.1 billion equity contribution and $300 million via a construction loan from U.S. Bank and Goldman Sachs. The remaining $350 million will come from public funding made available through Senate Bill 1.
The approvals come after years of work researching and planning for the A’s 2028 relocation to Las Vegas, and team executive Sandy Dean said it was “a really exciting day” for the team. The A’s plan to break ground on the project in the second quarter of 2025 and have the ballpark ready for Opening Day 2028.
The stadium construction financing was also approved Thursday, with U.S. Bank Senior Vice President Stephen Vogel stating that the Fisher family has more than enough money to cover their stadium responsibilities. The A’s must now work with Clark County officials on the entitlement process for the stadium land, a separate ballpark development agreement and the creation of a Sports and Entertainment Improvement District.
The approvals mark a significant milestone in the project, which is expected to bring major economic benefits to Las Vegas.
Source: https://www.reviewjournal.com/sports/athletics/key-agreements-okd-for-as-las-vegas-ballpark-project-3223453