Raiders want to play in $1.9 billion Las Vegas stadium for $1 per year
NFL owners still need to approve the Raiders' move from Oakland to Las Vegas
If the Raiders relocate, they'll transition from the older, rugged Coliseum in Oakland to a shiny, new, and expensive stadium in Las Vegas. While that stadium will cost a ton of money to build, it might not cost the Raiders much to actually occupy it.
On Thursday, the Raiders filed a proposed lease to the Las Vegas Stadium Authority. As the Las Vegas Review-Journal reported, the Raiders proposed to pay $1 in annual rent. To be clear, that's $1 a year to play football in a $1.9 billion stadium.
Jackie Valley of the Nevada Independent provided visual proof:
Digging through the draft of the Raiders' use agreement with the Stadium Authority and found this nugget: pic.twitter.com/ORLFK7vSk2— Jackie Valley (@JackieValley) January 26, 2017
As the Review-Journal pointed out, the amount of money teams spend on rent varies across the league. The 49ers pay more than $20 million, the Seahawks pay $1 million, and some teams don't pay anything. For what it's worth, the Raiders spent $3.5 million on rent in 2016.
But there's a bigger financial issue that needs to be resolved, and it has nothing to do with rent. If you're still wondering how the $1.9 billion stadium will be paid for, you're not alone.
As the Mercury News reported, the funding is still in question. To be exact, $650 million is still up in the air:
The current deal includes $750 million from a hotel tax approved by lawmakers and signed by Gov. Brian Sandoval and a $500 million contribution from the Raiders and NFL. But the sticking point has been a $650 million investment from the Adelson family, which owns the Las Vegas Sands Corporation.
The relationship with billionaire Sheldon Adelson remains a hurdle because NFL rules prohibit casino owners from having an ownership stake in a team. The Adelson family wants a percentage of the Raiders as part of the stadium deal.
Of course, the Raiders could still remain in Oakland. Earlier this month, NFL Network's Ian Rapoport reported that the Raiders are planning to file relocation paperwork, but the team still needs the NFL owners to approve the move in late March.
They'd need 24 owners to vote in favor of relocation in order to move.
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