What is expected to cost $1.75 billion and is now considered inevitable for Las Vegas?
No, they’re not tickets to the 2025 Las Vegas Grand Prix, but rather the Athletics’ next baseball stadium after a major development on Thursday.
The Las Vegas Stadium Authority approved lease, non-relocation and development documents Thursday to clear the last major hurdles for Athletics to build a $1.75 billion stadium on the Strip and Major League Baseball to the growing sports market.
The rental and non-relocation agreements each have a term of 30 years.
The A’s will play at a minor league ballpark in West Sacramento, California, for at least the next three seasons. They recently played their last of 57 seasons in Oakland, after previous stints in Philadelphia and Kansas City.
“It really is a big day in Las Vegas,” said Steve Hill, CEO and president of the Las Vegas Convention and Visitors Authority, in his closing remarks. ‘Today is a real milestone. I think we should recognize that and celebrate that.”
The Oakland Athletics and their design teams released renderings on Tuesday, March 5
The club’s proposed $1.75 billion stadium cleared a major final hurdle this week in Las Vegas
That drew applause from most of those present.
“It’s a really exciting day for the A’s,” said team board member Sandy Dean. “We are grateful to everyone who helped us be here today.”
Other details remain to be worked out, such as a development agreement with Clark County, but groundbreaking will likely take place in the spring to allow for a planned opening for the 2028 season.
Dean said discussions with the province were in the early stages.
“Clark County was very receptive to our timeline,” Dean said.
Costs for Stadium A have increased by $250 million due to inflation and additional amenities for fans and players, Dean said. They include an under-seat cooling system and a split lower bowl to bring the audience closer to the action.
He said it was possible costs could rise further based on factors such as interest rates.
“But we’re also going to do our best to create a great stadium and control costs as best we can,” Dean said.
John Fisher, owner of the Athletics, announced in April that his team will leave Oakland
Hill said the A’s are “committed to the premier world-class stadium in law.” They know Las Vegas needs that.”
Nevada and Clark County are providing $380 million in public funds for a 30,000-seat domed stadium with an estimated capacity of 33,000. Public financing won’t begin until the A’s spend at least $100 million, and Dean said the organization has already invested $40 million.
Dean also said club owner John Fisher has increased his family’s previous pledge of money to $1.1 billion. Dean said U.S. Bank and Goldman Sachs will offer a $300 million loan. According to Dean, Fisher still hopes to attract investors in Las Vegas and elsewhere who want to buy shares in the team.
“Any overage is the A’s responsibility,” Hill said during the board meeting. “This may not be the last time costs rise.”
Hill also said he was confident the Fisher had sufficient finances to meet its obligations. The board also approved allowing the A’s to pay for their share of the ballpark’s construction.
Four letters were included in documents for the Stadium Authority board meeting to show that financing is in place even if Fisher doesn’t attract investors. They include:
- A loan commitment from both banks.
- Statements Fisher and his family can keep their financial promise.
- A U.S. Bank investigation into the owner’s finances supports Fisher’s claim that he has funds. Steve Vogel, who oversees the bank’s sports investments, told the board based on an analysis of Fisher’s brokerage statements, filings with the Securities and Exchange Commission and other documents that Fisher has “more than sufficient assets to support the equity portion” of the build to finance the stadium.
- Commitments to Athletics StadCo LLC, an entity created to handle the private capital investments.
The LVSA’s decision came hours after news emerged that the A’s had reached an agreement to sign free-agent pitcher Luis Severino to a three-year, $67 million contract – the richest contract in club history.
Fisher’s good financial standing in the eyes of US Bank may come as a shock to A’s fans in Oakland, where the team owner has been regularly pilloried for being cheap. The unpopular owner was frequently met with chants of “Sell the Team!” during home games in Oakland.
“He couldn’t afford the Howard Terminal ballpark in Oakland,” one fan wrote on X, referring to an abandoned stadium proposal in the Bay Area. “There’s no way he’s paying for this.”
The LVSA decision came hours after news broke that the A’s had reached an agreement to sign free-agent pitcher Luis Severino to a three-year, $67 million contract, the richest deal in club history.
“What John Fisher did to baseball in Oakland is unfathomable,” baseball writer Sam Fosberg wrote of X. “Limit spending to move. Once his A’s are out? He spends $67 million on one player. Unreal.
Remarkably, despite being a record for the A’s, the $67 million deal represents less than 10 percent of Shohei Ohtani’s MLB-record $700 million deal with the Los Angeles Dodgers.
The A’s would add another professional team to a Las Vegas market that also includes the NFL’s Raiders, the NHL’s Golden Knights and the WNBA’s Aces. The Golden Knights and Aces have combined to win three championships in recent seasons.