6:53 pm
  Local News
  State / National / World
  Opinion / Letters
  Arts / Entertainment
  Submit Event
  Comics / Games
  DJ Designers
  Advertise With Us
  About Us
Raiders won’t pay any rent at Vegas stadium
April 21, 2017, 05:00 AM The Associated Press

LAS VEGAS — The Oakland Raiders wouldn’t pay rent at a proposed tax-funded stadium they want to call home in Las Vegas under the most recent version of a lease agreement unveiled Thursday during a meeting of the public entity overseeing plans for the $1.9 billion project.

The stadium authority board justified the lack of rent for the Raiders with the investment that the team is making on the 65,000-seat domed stadium to which guests of hotels and other lodging facilities in the Las Vegas area are contributing $750 million through a room tax increase.

“It’s based on the fact that the Raiders are going to be investing up to $1.15 billion and certainly taking the risk for any overruns,” board chairman Steve Hill said after the meeting. “So, in order to make that agreement make financial sense, the revenue from the stadium needed to flow to those investors.”

The previous draft of the agreement that was made public called for a $1 annual rent. The Raiders paid $3.5 million to play at Oakland-Alameda County Coliseum in 2016, up from $925,000 for the 2015 season.

Several details of the draft agreement, including the stadium’s insurance, naming rights and length of the lease, were addressed by board members.

They expressed satisfaction over the progress made on the document, but also raised questions over the timeline officials and the team face in order to meet the goal of seeing fans at the stadium during the 2020 season.

The lease agreement and other crucial documents must be finalized before construction can begin. Among the pending documents is the agreement that would allow the University of Nevada, Las Vegas football team to use the stadium.

“We still have five to 10 issues to work out, but I think it’s in pretty good shape,” Hill said, adding that he anticipates the agreements will be done by the end of the summer or into the fall. “If we get past October that’s probably problematic because they are going to have to break ground; they’re going to have to get moving.”

Land for the stadium has not been purchased, but an area of more than 60 acres near the Las Vegas Strip has surfaced as the preferred site. A clause in the lease agreement gives the team the stadium’s naming rights, which cannot promote or be related to firearms.

NFL owners approved the Raiders’ relocation last month. President Marc Badain said the Raiders have received 43,000 refundable $100 deposits for personal seat licenses. The team plans to announce its third-day NFL draft picks from the iconic “Welcome to Fabulous Las Vegas Nevada” sign next week.


Follow Regina Garcia Cano on Twitter at https://twitter.com/reginagarciakNO / More of her work can be found at https://www.apnews.com/search/ReginaGarciaCano


For more NFL coverage: http://www.pro32.ap.org and http://www.twitter.com/AP—NFL



Tags: stadium, agreement, vegas, raiders, lease, going,

Other stories from today:

Woods likely to miss majors this year after surgery
Menlo in Ocean driver’s seat
Indiana University bans athletes with sexual violence past

Print this Page Print this Page  | 
<< Back
Return To Archives

Daily Journal Quick Poll
Do you think the San Mateo County Board of Supervisors should increase a proposed $15 million a year in Measure K half-cent sales tax revenue for affordable housing?

No, $15 million a year is enough
No, the money should go to other needs
Yes, it should be $20 million a year
Yes, it should be even higher than $20 million a year
Not sure


Judge blocks Trump order on sanctuary city funding
SAN FRANCISCO — A federal judge on Tuesday blocked any attempt by the Trump administration to with..
Audit: University of California hid $175M in secret fund
SAN FRANCISCO — University of California administrators hid $175 million from the public, its gove..
GOP drops US-Mexico wall demands as spending talks advance
WASHINGTON — Congressional negotiators on Tuesday inched toward a potential agreement on a catchal..
More >>  
©2017 San Mateo Daily Journal
San Mateo County advertising