A has overcome the last major hurdles for the $1.75 billion Las Vegas stadium

LAS VEGAS — The Las Vegas Stadium Authority approved lease, non-relocation and development documents Thursday to clear the last major hurdles for the Athletics to build a $1.75 billion stadium on the Strip and Major League Bringing baseball to the expanding sports market.

The lease and non-relocation contracts each have a term of 30 years.

“It’s a truly significant day in Las Vegas,” said Steve Hill, CEO and president of the Las Vegas Convention and Visitors Authority, in his closing remarks. “Today is a real milestone. I think we should acknowledge and celebrate that.”

This drew applause from most of those present.

“It’s truly an exciting day for the A’s,” said team board member Sandy Dean. “We are grateful to everyone who helped us be here today.”

Additional details still need to be worked out, such as a development agreement with Clark County. However, groundbreaking is expected to occur in the spring to accommodate a planned opening for the 2028 season.

Dean said discussions with the county are at an early stage.

“Clark County has been very receptive to our schedule,” Dean said.

The cost of the A’s Stadium has increased by $250 million due to inflation and additional amenities for fans and players, Dean said. They include an under-seat cooling system and a split lower bowl to bring the audience closer to the action.

He said it’s possible costs could rise more due to factors such as interest rates.

“But we will also do our best to create a great stadium and manage costs as best we can,” Dean said.

Hill said the A’s are “committed to the first-class stadium set forth in law. They know this is what Las Vegas needs.”

Nevada and Clark County are providing $380 million in public funding for a 30,000-seat domed stadium with an estimated capacity of 33,000 spectators. Public financing doesn’t begin until the A’s have spent at least $100 million. Dean said the organization has already invested $40 million.

Dean also said that club owner John Fisher had increased the previous commitment of his family’s money to $1.1 billion. Dean said U.S. Bank and Goldman Sachs would offer a $300 million loan. Dean said Fisher still hopes to attract investors in Las Vegas and elsewhere who would buy shares in the team.

“Any overage is the responsibility of the A’s,” Hill said during the board meeting. “This may not be the last time costs rise.”

Hill also said he has full confidence that Fisher has the financial resources to meet his obligations. The board also agreed that the A’s would have the option to pay for their share of the ballpark’s construction.

Four letters were included in documents for the stadium authority board meeting to show that the financing is there even if Fisher doesn’t attract investors. This includes:

• A loan commitment from both banks.

• Statements indicating that Fisher and his family have the ability to fulfill their financial commitment.

• A review of the owner’s finances by a U.S. bank supports Fisher’s claim that he has money. Steve Vogel, who oversees the bank’s sports investments, told the board based on an analysis of Fisher’s brokerage statements, filings with the Securities and Exchange Commission and other documents that Fisher has “more than sufficient assets to support the equity portion” of the stadium construction finance.

• Obligations to Athletics StadCo LLC, a company formed to handle the private equity investments.

The A’s will play at a minor league stadium in West Sacramento, California, for at least the next three seasons. They recently played their last of 57 seasons in Oakland, California.

The LVSA’s decision came hours after sources told ESPN’s Jeff Passan that the A’s had reached an agreement to sign free-agent pitcher Luis Severino to a three-year, $67 million contract, the highest deal in club history .

The A’s would add another professional team to a Las Vegas market that also includes the NFL’s Raiders, the NHL’s Golden Knights and the WNBA’s Aces. The Golden Knights and Aces have combined to win three championships in recent seasons.

Information from The Associated Press was used in this report.