Actually, Mark Davis was able to get Bank of America (BofA) to bridge the critical funding gap that was vacated weeks ago by both Sheldon Adelson and Goldman Sachs, leaving the Raiders scrambling and the stadium deal on the verge of collapse. No numbers were released, so we don’t know just how much BofA is putting up, but the reaction from around the league indicates that the Raiders got the job done.
Along with you, I’m scratching my head wondering exactly what convinced BofA to sign on with what is effectively a private stadium subsidy. Maybe the parties got extremely creative regarding the revenue streams. BofA already has a big presence in the NFL thanks to its naming rights deal at the Panthers’ stadium in Charlotte, the bank’s hometown.
As for Oakland, Mayor Schaaf’s response was the same old boilerplate, where Oakland’s not going to risk the general fund while claiming it’s “ready to compete.” And as with all previous such statements, they’re falling on deaf ears at the league office. Yes, Davis could blunder this all the way back to Oakland. It’s well within his capabilities. Davis’s work is now done. The decision is no longer in his hands. Yet you have to wonder – considering that he’s got the money lined up without giving up his controlling stake or involving the omnipresent gambling industry in the deal – if Davis has a little Verbal Kint in him.