After spending the past two years gutting their payroll, ownership for the Oakland Athletics found a way to open up their wallets by investing in land in Las Vegas that will be the site of a new ballpark for the franchise.

Howard Stutz and Tabitha Mueller of the Nevada Independent first reported the A's were close to finalizing a binding agreement to build a $1 billion park north of Allegiant Stadium where the Las Vegas Raiders play.

According to Josh Dubow of the Associated Press, A's president Dave Kaval announced on Wednesday night the team finalized a deal for the 49-acre site last week for a stadium that will have a seating capacity of 30,000 to 35,000 with the hope of moving to Las Vegas by 2027.

"It's obviously a very big milestone for us," Kaval said. "We spent almost two years working in Las Vegas to try to determine a location that works for a long-term home. To identify a site and have a purchase agreement is a big step."

Oakland mayor Sheng Thao issued a statement criticizing the A's for not attempting to negotiate a new deal with the city in good faith but "to extract a better deal out of Las Vegas" for a stadium:

"I am deeply disappointed that the A's have chosen not to negotiate with the City of Oakland as a true partner, in a way that respects the long relationship between the fans, the City and the team. The City has gone above and beyond in our attempts to arrive at mutually beneficial terms to keep the A's in Oakland. In the last three months, we've made significant strides to close the deal.

"Yet, it is clear to me that the A's have no intention of staying in Oakland and have simply been using this process to try to extract a better deal out of Las Vegas.