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Sheldon Adelson backs out of Raiders Las Vegas stadium proposal

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In recently weeks, it has appeared Las Vegas Sands Co CEO Sheldon Adelson was waffling on his part of the Raiders’ stadium proposal. His part is significant too. In the proposal, he was posting up as much as $650 million toward the construction of the $1.9 billion stadium. Now, he is out.

"It's clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family," Sheldon Adelson said in the statement. "So, regrettably, we will no longer be involved in any facet of the stadium discussion."

"The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas," The Raiders said in a statement. "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."

It was with Adelson on board that the $750 million in public funds was approved for the stadium.Now the Raiders are expected to fill the gap with the help of Goldman Sachs.

But, some don't see this development as such a small thing.

"This is not a wrench in the wheel, the wheel fell off," Clark County Commission chair Steve Sisolak told the Nevada Independent. "This is an enormous setback in my opinion."

With the adjusted funding plan, Mark Davis will be asking the NFL to approve the Raiders for relocation. The owners will vote on the relocation at the owners meetings on March 26 in Arizona.