The Oakland A’s are one step closer to moving to Las Vegas after the team joined Nevada’s governor and other local and state officials in unveiling a tentative agreement to finance a proposed $1.5 billion ballpark for the Major League Baseball club.
(Bloomberg) — The Oakland A’s are one step closer to moving to Las Vegas after the team joined Nevada’s governor and other local and state officials in unveiling a tentative agreement to finance a proposed $1.5 billion ballpark for the Major League Baseball club.
The announcement follows extended talks over how much the state would contribute to a new home for the A’s. As part of the proposal, Las Vegas will create a Sports and Entertainment Improvement District around the planned 30,000-seat, retractable-roof venue located along the Strip.
“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,” Governor Joe Lombardo said in a joint press release with the team, the state treasurer and Clark County officials.
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Officials are drafting the tentative accord into a bill to introduce in the state’s legislature. Although discussions could continue, the parties are working to finalize a deal on a public-private partnership before Nevada’s legislative session ends on June 5.
“It’s our preference to see this happen before the legislature adjourns, but we will consider different options if that is not possible,” Elizabeth Ray, a spokesperson for the Republican governor, said via email.
Adding to the urgency, the A’s need to reach an agreement on a new stadium by January 2024 to continue participating in Major League Baseball’s revenue-sharing agreement. The team didn’t immediately respond to emailed requests for comment.
The governor recently voiced opposition to raising taxes to fund a ballpark for the team after hotel taxes were raised in 2016 to finance Allegiant Stadium, home of the National Football League’s Las Vegas Raiders.
The A’s were initially seeking $500 million in public financing through Clark County bonds to be repaid with stadium-related taxes. However, the public contribution is now expected to tally as much as $380 million and the A’s would be responsible for any cost overruns, according to reporting in the Las Vegas Review-Journal.
“As I have continuously said throughout this process, no commitment will be made until we have both evaluated the official proposal and received input from interested parties, including impacted community members,” Assembly Speaker Steve Yeager, a Democrat, said in the release.
Senate Majority Leader Nicole Cannizzaro, also a Democrat, said the chamber will give the proposal full consideration before the session ends.
The A’s have played in the same stadium, now called the Oakland Coliseum, since moving to the city in 1968.
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