Oakland Athletics president Dave Kaval told the Las Vegas Review-Journal that the organization had signed a contractual deal to buy land near the Strip to build a major league ballpark.

Kaval told the Review-Journal that a $1.5 billion, 35,000-seat, partially retractable roof stadium plus eateries and an amphitheater are being considered for the location.

The stadium will be funded by Nevada and Clark County and the A's. Kaval said the A's want to break ground next year and move in by 2027.

Oakland has been a great home for us for over 50 years, but we really need this 20-year saga completed and we feel there's a path here in Southern Nevada to do that."

Since moving from Kansas City in 1968, the A's have played at the outmoded Oakland Coliseum

Oakland Mayor Sheng Thao slammed the announcement and said the city is "ceasing negotiations and moving forward" to alternative choices.

"Yet, it is evident to me that the A's have no intention of staying in Oakland and have merely been utilizing this process to attempt to get a better bargain from Las Vegas

The NFL's Las Vegas Raiders play at Allegiant Stadium, while the NHL's Vegas Golden Knights play at T-Mobile Arena.

"It's really exciting to have a site," said Kaval. "We've spent almost two years doing our due diligence, working with community leaders, elected officials, and everyone in town as well as the community and public officials."

Since 1983, the Athletics' Triple-A affiliate in Las Vegas has played.