Las Vegas Raiders

Casino mogul Sheldon Adelson pulls out of Raiders' Las Vegas stadium deal

Published Jan. 30, 2017 11:32 p.m. ET

Nunzio Ingrassia

Casino mogul Sheldon Adelson backed out of a $1.9 billion stadium deal Monday to help lure the Oakland Raiders to Las Vegas.

The Raiders released a statement after Adelson’s move, reasserting that the team still plans to move to Las Vegas despite the stadium project losing its chief financial backer. Adelson, who pledged $650 million for the stadium, pulled out after the team proposed to pay $1 a year in rent.

"The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas,” the Raiders said in a statement, via NFL.com. “We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring Mark Davis' commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas."

Adelson, who was critical in the team receiving a $750 million commitment from taxpayers for the stadium, said in a statement that he was left out of negotiations that led to a lease document presented to the Clark County Stadium Authority.

"We were not only excluded from the proposed agreement we weren't even aware of its existence," Adelson said in a statement. "It's clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family. So, regrettably, we will no longer be involved in any facet of the stadium discussion."

The Raiders, who have pledged $500 million to the stadium, have said they were reaching out to investment bank Goldman Sachs regarding the project.