Athletics, Nevada state leaders reach tentative public financing deal (UPDATED)

The Oakland Athletics have signed a pair of “binding” agreements to purchase land at two different locations for a new stadium in Las Vegas. However, they have not yet presented a proposal for state lawmakers to account for the public financing package that would be necessary. However, they may have moved a step closer to doing just that.

A new report from Tabitha Mueller and Howard Stutz of the Nevada Independent suggests that the A’s and major state officials have reached a loose agreement for public funding for a new stadium. The A’s were initially pursuing $500 million but this report states that the public contribution would be less than $195 million.

The report also states that the agreement was reached after weeks of discussion involving representatives from the Athletics and other high ranking state officials.

The agreement was reached after weeks of discussion involving representatives from the Major League Baseball team, the governor’s office, the treasurer, representatives of lawmakers and Clark County, among other groups, and marks a sizable step forward after weeks of concerns from lawmakers and the county over the scope of the team’s public financing request.

The deal is still pending legislative approval, but is expected to be formally presented in the next few days. The current legislative session will end on June 5. If the deal is approved by the legislature, then the next step would be getting approval from Major League Baseball’s relocation committee, which would be needed by January 1.

UPDATE - All parties have released a statement announcing the agreement.