Oakland A's and Nevada officials reportedly reach tentative deal for up to $380M in public funds for $1.5B Las Vegas stadium
A's initially sought $500M
The Oakland Athletics’ journey to relocation to Las Vegas moved forward this week, as the A's and Nevada state officials reached a tentative agreement regarding public financing for the construction of a $1.5 billion stadium in Las Vegas, according to media reports Tuesday and confirmed by Nevada governor Joe Lombardo on Wednesday.
"This agreement follows months of negotiations between the state, the county, and the A's, and I believe it gives us a tremendous opportunity to continue building on the professional sports infrastructure of southern Nevada," Lombardo said in a statement. "Las Vegas is clearly a sports town, and Major League Baseball should be a part of it."
The agreement will be introduced and debated among state legislature in the coming days, per the statement.
The A’s were initially seeking a $500 million package from Clark County before agreeing on up to $380 million in a package of transferrable tax credits and bonds, according to the Las Vegas Review-Journal.
The reported agreement comes after weeks of negotiations that included Clark County representatives, the governor’s office, the Athletics and the Nevada state treasurer.
The A's still face obstacles, as the club awaits approval from the Nevada state legislature to make the deal official. The move also requires approval from Major League Baseball owners.
"We're very appreciative of the support from the State of Nevada and Clark County's leadership," A's president Dave Kaval said in the statement. "We want to thank Governor Lombardo, the Legislative leadership, the Treasurer, and Clark County Commissioners and staff on the collaborative process. We look forward to advancing this legislation in a responsible way."
This agreement comes more than a week after the A’s reached a binding agreement with the Bally’s Corporation to build a new ballpark on the Las Vegas Strip, located at Las Vegas Boulevard and Tropicana Avenue.