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Oakland Athletics Seek Funding for New Las Vegas Stadium

In a significant move, John Fisher, the managing partner of the Oakland Athletics, is initiating the sale of new shares in the Major League Baseball team, valuing it at an impressive $2 billion. This effort comes as the Fisher family, which holds over 95% of the A’s ownership, aims to generate $550 million to support the construction of a new domed stadium in Las Vegas, projected to cost $1.75 billion and accommodate 30,000 fans.

According to sources familiar with the matter, several investors have been pre-approved by Major League Baseball and are prepared to contribute over $200 million collectively to this initiative. This valuation reflects a robust market, considering the last MLB team sold was the Baltimore Orioles, acquired by Dave Rubenstein for $1.72 billion just a year prior.

Funding for the new ballpark will be a collaborative effort. Clark County is set to contribute $350 million, complemented by the $550 million raised from the new shares. Additionally, financial backing of $300 million will come from bank loans facilitated by U.S. Bank and Goldman Sachs, while the Fisher family will cover the remaining costs.

Despite the share offering, the Fisher family will maintain a controlling stake, retaining over 80% of the team following the sale. Fisher, who has been the managing partner since 2016, was part of a group that acquired the A’s for approximately $180 million from previous owners Steve Schott and Ken Hoffman in 2005.

The Athletics have been playing at the aging Oakland-Alameda County Coliseum since their arrival in Oakland in 1968. The lease agreement for the current stadium required the team to share some revenue with the Stadium Authority and the Raiders, the latter having moved to Las Vegas for the 2020 NFL season. The A’s have struggled with attendance, often ranking low within the league since 2015, barring a slight uptick in 2019. In contrast, the forthcoming lease agreement for the new Las Vegas stadium promises the team full operational control and revenue from all events, including those not related to MLB.

This season, the A’s have temporarily relocated to Sacramento, where they will play at the 14,000-seat Sutter Health Park until their new Sacramento ballpark is completed, anticipated by the 2028 season. This transitional phase marks a new chapter for the franchise as it prepares for future growth and a fresh start in a new city.

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