A’s president: Ownership to fund ‘one of the largest equity contributions ever’ for Las Vegas stadiu
Aug 18, 2023 6:46:55 GMT -8
Post by LVfan on Aug 18, 2023 6:46:55 GMT -8
Private financing would be the largest by a team owner, second only to the New York Yankees
By Howard Stutz
thenevadaindependent.com/article/as-president-ownership-to-fund-one-of-the-largest-equity-contributions-ever-for-las-vegas-stadium
By Howard Stutz
Though Major League Baseball hasn’t yet issued a decision on the relocation of the Oakland Athletics to Las Vegas, team president Dave Kaval said Tuesday the franchise is working toward securing the more than $1 billion in private financing needed for the construction of its planned $1.5 billion Las Vegas Strip ballpark.
Kaval said the family of A’s owner John Fisher would “make one of the largest equity contributions” ever by a major league owner toward the cost of building a new ballpark. The commitment through private funding streams would be second only to the private money used for Yankee Stadium, which opened in 2009.
“It’s a huge commitment to Las Vegas and Nevada,” Kaval said in an interview with The Nevada Independent. “I think it demonstrates the willingness to invest and have a great product on the field.”
Kaval said the family of A’s owner John Fisher would “make one of the largest equity contributions” ever by a major league owner toward the cost of building a new ballpark. The commitment through private funding streams would be second only to the private money used for Yankee Stadium, which opened in 2009.
“It’s a huge commitment to Las Vegas and Nevada,” Kaval said in an interview with The Nevada Independent. “I think it demonstrates the willingness to invest and have a great product on the field.”
Kaval said the A’s are working with investment firm Goldman Sachs on the private financing, which would be a combination of debt (borrowed money that is paid back with interest) and equity (money that is converted into an ownership percentage).
