The A’s have retained an investment banking firm in an effort to procure $500MM in private funding towards the construction of their Las Vegas ballpark, reports Bill Shaikin of the Los Angeles Times. The A’s are prepared to offer minority ownership shares in the franchise to potential investors as they put together financing for their estimated $1.5 billion stadium.
Last summer, Nevada lawmakers approved $380MM in public funding — taking the form of state tax credits, county-issued bonds and a county credit — to offset a chunk of the cost. Shortly thereafter, MLB approved the A’s relocation efforts. A political action committee has sued the state in an effort to overturn the public funding law, but there’s no indication that’s currently a serious threat to the relocation.
Even with the public money in hand, the A’s are set to pay upwards of $1.1 billion in estimated construction costs. Shaikin notes the public funding law requires the A’s to present a specific financing plan for their balance. The organization is evidently looking for half a billion dollars in outside investment to meet those obligations.
While the financial specifics were previously unclear, dangling ownership shares to investors has long been the organization’s plan. Owner John Fisher told Howard Stutz of the Nevada Independent in January that he was considering selling minority stakes to Vegas-area investors. Fisher made clear in that interview that he and his family “would retain majority ownership and (continue to) oversee operations” of the franchise.
The A’s plan to complete construction on their 33,000-seat facility on the Vegas strip in time for the 2028 season. They’re playing their final year in Oakland before a three-year move to Sacramento’s Sutter Health Park between 2025-27.
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