Board to weigh in on financing for Las Vegas NFL stadium
LAS VEGAS (AP) The board overseeing a proposed Las Vegas NFL stadium was set to meet Thursday for the first time since the Oakland Raiders told the league that they have found a new partner to finance the facility.
The meeting of the stadium authority board comes the same week the team presented to the NFL the new proposal with financing backed by Bank of America. The public meeting was expected to address the stadium's financing as well as any progress made on an agreement that originally called for the team to pay $1 a year in rent.
The Raiders sought a new partner for the proposed $1.9 billion, 65,000-seat domed stadium after casino magnate Sheldon Adelson withdrew a $650 million pledge last month.
Hotel room tax revenue from the city is slated to pay $750 million toward construction, while the Raiders would pay the remaining $500 million if three-quarters of the league's owners approve a move. A vote could come at the owners meetings later this month.
The mayor of Oakland, the team's current city, made a presentation Monday to league committees in hopes of persuading owners to prevent the Raiders from moving.
The Raiders have been looking for a new stadium for years as they seek to move out of the outdated Coliseum, which is the only stadium used by both an NFL and Major League Baseball team and is unable to generate the revenue for the Raiders the way more modern stadiums around the league can.
A site has not been picked for proposed Sin City stadium, although a parcel of land near the Las Vegas Strip has emerged as a preferred location.
The team in January presented the stadium authority board a lease proposal that covers the Raiders' use of the stadium, luxury box seats, concession sales, ticket revenue, merchandise and parking. It suggested $1 a year in rent.
The Raiders paid $3.5 million in rent to play at Oakland-Alameda County Coliseum in 2016, up from $925,000 for the 2015 season. The team has options to remain at the stadium for the 2017 and 2018 seasons.