The Oakland Athletics have taken another significant step toward Nevada, with major sports finance brokering a deal to provide team owner John Fisher with $500 million toward building a new ballpark on the Las Vegas Strip. held the person in place.
Last June, the Nevada State Legislature approved $380 million in public funding for the estimated $1.5 billion stadium cost, leaving the A's to pay the rest, but public funds are not available. requires disclosure of the financial plan for the balance of expenses.
The Athletics is seeking to attract one or more investors to commit $500 million to Galatioto Sports Partners in exchange for a portion of the ownership stake, according to people not authorized to speak publicly about the matter. It is said that he hired
The firm has been involved in more than 100 sports finance transactions to date, and its website describes founder Sal Galatioto as “the industry's leading sports banker.” When the Walt Disney Company sold Angels and the Mighty Ducks, Galatioto brokered the deal.
Mr. Fisher has been seeking to sell his minority stake in the A's for several months. Steve Hill, chairman of the Las Vegas Stadium Authority and commissioner of the Las Vegas Convention and Visitors Bureau, told lawmakers when approving the public funding that the ballpark would be built “probably by the end of 2024.” He said it would start.
Although that timeline now appears optimistic, unless construction begins in 2025, it is unlikely that the new stadium will be completed by the expected 2028 opening.
This is not the first time Mr. Fisher has turned to experts outside his organization to secure needed funding.
In 2023, the A's had 19 registered lobbyists working to push the Nevada Legislature to approve public funding, according to state records. Of the 1,291 employers listed in these records, only three had 19 or more lobbyists.
The teachers union, which is seeking a lawsuit and referendum to end Nevada Education Association public funding, had 16 registered lobbyists.
