NFL American football team the Oakland Raiders have put forward a proposal that would see the franchise pay just $1 (€0.93/£0.80) a year to use a new stadium in Las Vegas.
Earlier this month, the Raiders filed official paperwork with the NFL to begin the process of relocating to the US gambling haven in time for the 2020 season. The team has already identified a proposed dome stadium in Las Vegas as its future home.
Although a site is yet to be confirmed for the new venue, the Las Vegas Review-Journal newspaper has reported that the franchise is keen to push ahead with plans and has now proposed the lease agreement.
Submitted to the Las Vegas Stadium Authority, the 117-page proposal includes use of the stadium, luxury box seats, concession sales, merchandise and parking. The agreement would also cover naming rights for the new facility, in addition to other advertising and broadcast rights.
“We recognise that there’s a lot of work to do here,” Raiders’ executive vice-president Dan Ventrelle said. “As much as we’d like to take it a step at a time, we have to dual-track a lot of that work, so we’ve tried to move forward.”
The new Las Vegas venue is expected to cost approximately $1.9bn to construct, with the team set to contribute $500m to the project. Hotel room tax revenue in the Clark Country area would cover £750m, with Sheldon Adelson, chairman and chief executive of Las Vegas Sands Corp. to stump up $650m.
The Raiders paid $3.5m in rent to play matches at the team’s Oakland-Alameda County Coliseum current home during the 2016 season.
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