The Athletics’ owner John Fisher needs about $1.4 billion to build a Las Vegas ballpark.
Major League Baseball’s Athletics owner John Fisher may be a step closer to building a ballpark in Las Vegas with the operative word here being may. There is still a question about how the ballpark will be financed and the ballpark is now estimated to cost $1.75 billion and with a new administration coming to Washington on January 20th, 2025 with a threat of tariffs on American imports, the cost of steel could rise significantly. But that is still weeks away. In the meantime, Fisher and the Las Vegas Stadium Authority signed three agreements needed to allow construction to begin, eventually. Fisher has to show Clark County officials he can pay his share of the project which is around $1.4 billion now. He does have some letters from banks saying sure he is good for the money but letters are not enough. Fisher and the stadium authority signed off on a development agreement along with a 30-year lease and non-relocation agreement. But there is nothing in those agreements requiring Fisher to show that he has the money to build the stadium.
In a letter sent to the stadium authority, U.S. Bank senior vice president Stephen Vogel claimed that Fisher’s net worth is an estimated $3.2 billion and his family can afford the $1.75 billion project. “We conclude that the Fisher family and their related entities have financial assets more than sufficient to fund the equity portion of the proposed capital structure for the Athletics’ Las Vegas ballpark,” Vogel wrote. U.S. Bank and Goldman Sachs plan to loan Fisher $300 million for construction costs. Nevada taxpayers are kicking in up to $380 million but that figure is capped meaning Fisher is responsible for additional cost overruns. Fisher is, according to reports, looking for partners to help him out financially. Fisher’s move to Las Vegas is not a done deal yet.
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The proposed Las Vegas Athletics’stadium.
