Raiders Propose Lease of $1 a Year for Stadium Rental
The Oakland Raiders are proposing a lease for a new $1.9 billion domed stadium in Las Vegas that would have the team pay $1 a year in rent.
LAS VEGAS (AP) - The Oakland Raiders are proposing a lease for a new $1.9 billion domed stadium in Las Vegas that would have the team pay $1 a year in rent.
The Las Vegas Review-Journal reports that Raiders Executive Vice President Dan Ventrelle called documents presented Thursday to the Las Vegas Stadium Authority a starting point for negotiations.
The 117-page proposal would cover the team's use of the stadium, luxury box seats, concession sales, merchandise and parking.
It also addresses stadium naming rights, advertising and broadcast rights.
A site hasn't been picked for the 65,000-seat stadium.
It would be owned by the authority, with Las Vegas hotel room tax revenues paying $750 million toward construction, the team paying $500 million, and the family of casino magnate Sheldon Adelson contributing $650 million.
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Following is a statement from the Office of Governor Brian Sandoval:
“The stadium will be owned by the public and will help southern Nevada remain one of the top destinations in the world. This is a net-neutral proposal which assumes that the Raiders will serve as the stadium operator and contemplates all risks associated with that designation. This proposal does not consider an additional third party. The state cannot act as the operator because that would jeopardize bond funding. In this proposal, the Raiders would invest $1.15 billion in the stadium and accept all responsibilities and risk.
Any lease proposal will require a thorough vetting by the Stadium Authority Board and detailed discussions with the Raiders franchise to ensure the lease accurately reflects and protects the State's investment in this public stadium. All of these decisions will be examined in a public and transparent manner. The process and the agreement were approved by a majority of the Legislature, and the Governor is confident that Nevada’s interests are protected.”