The fate of the Oakland Athletics’ proposed new ballpark in Las Vegas now remains uncertain. Fisher is now facing a daunting trifecta of financial obligations and public funding challenges. To access the $380 million in public money that will pay for the project, Fisher needs to put up $100 million of his own money. He’s reportedly spent half of that, around $50 million, on planning and development so far.
Fisher, whom Forbes recently valued at a staggering $3 billion, has been front and center. He has done so recently not just by having chosen to own the Oakland Athletics, but his choice to sell the San Jose Earthquakes of Major League Soccer, a team valued at $600 million earlier this year. This change brings into focus his financial priorities, especially as he heads to Las Vegas with an unusual NFL-sized financial tailwind for a monumental stadium project.
The Las Vegas stadium project would cost about $855 million. Fisher has acknowledged that costs may skyrocket to more than $2 billion. Adding fuel to the fire, he’s managed to get Goldman Sachs to guarantee a $300 million loan just for this project. Fisher has managed to lock in $380 million in public funding for the stadium. He pocketed $175 million from Aramark, the stadium vending concern that took an equity stake in the A’s.
Even with these financial backing measures, a hefty gap still exists in funding to finish the buildout. Recent reports suggest that Fisher’s rapid changes in stadium sites—often within a 24-hour timeframe—have raised eyebrows and created confusion about his ultimate strategy.
Fisher’s past efforts to get a deal in Oakland have fallen short. To that end, he moved the team’s future plans from San Diego to Las Vegas. This sudden pivot has caused many to wonder what’s behind this sudden change of heart and whether the project remains on a feasible trajectory.
“What is the endgame of John Fisher, we don’t really know,” said JC Bradbury, a sports economist. In response, he voiced a great deal of doubt regarding Fisher’s math and motives on the proposed stadium.
“Whether he miscalculated, doesn’t understand, doesn’t care about money, or there’s something I’m just totally missing in all of this.” – JC Bradbury
Neil DeMause, a sports writer who has closely followed the Athletics‘ situation, remarked on Fisher’s predicament: “This is the dog catching the car. And now that he has caught the car, I don’t think he had any idea what to do with it.”
With a construction start date still up in the air, most important stakeholders are now asking how exactly will Fisher get all of this done. With a team valuation of about $1.7 billion dollars, the outcome is major for not just Fisher but the Athletics as well.