Sheldon Adelson Backs Out of Investment in Proposed Raiders Stadium in Las Vegas

Casino billionaire Sheldon Adelson has withdrawn his investment in the proposed Las Vegas stadium that is set to house the Oakland Raiders, Richard N. Velotta of the Las Vegas Review-Journal reported Monday.

Adelson, who is chairman and CEO of Las Vegas Sands Corp., said he and his family "will no longer be involved in any facet of the stadium discussion."

Vic Tafur of the San Francisco Chronicle shared a statement from the team:

As John Breech of CBSSports.com noted, Adelson was expected to contribute as much as $650 million toward the construction of the $1.9 billion proposed stadium, with the rest of the money coming from the Raiders, the NFL and a local hotel tax.

On Tuesday, Ramona Shelburne of ESPN reported that Goldman Sachs is "re-evaluating its relationship" with the move in the wake of Adelson's decision to withdraw from the stadium deal.

The report also stated Adelson has a "longstanding relationship" with Goldman Sachs.

The team will now have to search for funds elsewhere. However, Raiders executives said earlier in January that financing was secure with or without Adelson's additions, per Velotta.

Insider Buzz: Raiders to Vegas Hits a Snag, Lease Proposal Seen as 'Insulting'

Bleacher Report's Jason Cole reported the move to Las Vegas is "in serious jeopardy right now," adding the team "ticked off" the governor of Nevada and UNLV in addition to Adelson with their lease plan. As recently as last week, Adelson remained interested in welcoming the Raiders to Las Vegas, but now he and others in Nevada think the team is "unethical," per Cole. 

The Raiders filed for relocation to Las Vegas on Jan. 14, with the team likely moving for the 2020 season, per Ian Rapoport of NFL Network.

Still, a source told Jason La Canfora of CBSSports.com that the changes in funding could be a problem:

"

You now have to assume that market can support a lot of debt, plus the relocation fee, plus an angry Adelson, and $100m less (in funding) from the league for leaving California. The theory of Adelson was he would give that money for stadium events only. Nothing on Raiders. This is now a straight massive loan that will have every team revenue encumbered. You could do that in Oakland. Wichita. Wherever. It is a big deal.

"

NFL Hall of Famer Ronnie Lott, who is currently working with a group to keep the Raiders in Oakland, tweeted following Monday's news:

While the Raiders expressed confidence that they had the necessary funding to move to Las Vegas with or without Adelson's investment, Monday's news is a setback for the franchise.