The agreement is that The Las Vegas Sands Corporation, Adelson’s primary vehicle in this fight, will put up the first $100 million for the stadium project in addition to contributing $50 million in land.
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“During the presentation, the Raiders – and their partner, the Sands Casino Group – made one thing absolutely clear: If the state of Nevada is willing to commit $750 million in public funding towards a new National Football League stadium, then the stadium will get built and the Raiders will move to Vegas”.
The Oakland Raiders speculated move to Las Vegas just got one big endorsement.
Previous reports suggested that Raiders owner Mark Davis would commit to relocation should taxpayer funds be approved to erect a new stadium. The plan is to generate revenue from hotel room taxes. “Those teams bring the community together”. They were also arguing to not return any profits to the public because they say they’ll make little or no money on the estimated 65,000-seat stadium.
But this doesn’t mean the team that now resides in Oakland is on the move – at least not yet.
Back in January, CBSSports.com’s John Breech made it pretty clear that if the $750 million was approved in public funding for the $1.9 billion stadium, that the Raiders would be on the move to Las Vegas.
“We recognize the power and strength of the Raiders’ brand and understand their desire to explore all possible options for the team’s future”, Schaaf said in a statement.
Before the final vote, the committee also voted for no percentage cap on the public’s contribution and stadium profits will go to the developers during the lifetime of the lease. It still needs approval from the governor and Legislature before it can become official.
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“Proponents still need to win over the governor, the Legislature and three-quarters of NFL owners to make the project a reality, but it’s a significant milestone for a city that has never had a professional football team and has been working on the Raiders deal for months.”
