A's hire investment firm to secure additional $500 million for Vegas stadium: report
The Oakland Athletics' stadium in Las Vegas will cost an estimated $1.5 billion to build, and the franchise is apparently trying to secure about one-third of that funding from another firm.
The organization has reportedly hired Galatioto Sports Partners, an investment firm that specializes in sports financing, to help raise $500 million for the stadium.
Taxpayers in Nevada are responsible for about $380 million for the stadium, which is expected to open by 2028, a year later than what the A's originally had hoped.
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The Oakland Athletics and their design teams released renderings March 5, 2024, of the club's planned $1.5 billion stadium in Las Vegas that show five overlapping layers with a similar look to the famous Sydney Opera House. (Negativ via AP)
Under the reported deal, investors of the firm would then hold minority stakes in the franchise, according to the LA Times. According to the firm's site, it has helped negotiate deals with other MLB, NFL and NBA teams
The A's will play in Sacramento at the home of the San Francisco Giants' Triple-A affiliate, from 2025 to 2027. Their lease with the Oakland Coliseum expires after the 2024 season.
The stadium is expected to seat 33,000 fans and come with an 18,000-square-foot video board, which would be the largest in Major League Baseball.
Fans of the Oakland Athletics in the right-field bleachers during a game against the San Francisco Giants at RingCentral Coliseum Aug. 5, 2023, in Oakland, Calif. (Michael Zagaris/Oakland Athletics/Getty Images)
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The stadium would be built on nine acres of the 35-acre site owned by Bally's at the corner of Tropicana Avenue and Las Vegas Boulevard. The Tropicana resort that sits at that location will be demolished to make room for the stadium and a hotel.
There also are plans for 2,500 parking spots at the new stadium, though fans will have nearby garages they can use. Garages are used for parking at T-Mobile Arena, which is down the street on Tropicana Avenue.
The move hasn't gone swimmingly. The land the stadium will be built on is actually the second option the team originally had. Even Vegas Mayor Carolyn Goodman said the team's plans ""do not make sense," and the team should "figure out a way to stay in Oakland."
An Oakland Athletics baseball cap on the dugout step before a game against the Milwaukee Brewers at American Family Field June 11, 2023, in Milwaukee. (John Fisher/Getty Images)
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In what will be their final season in the Bay Area, the A's are 13-17, an improvement from their 6-24 record through 30 games last year.
The Associated Press contributed to this report.
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