The Raiders NFL American football franchise would not have to pay any rent at the stadium in Las Vegas to which it would like to relocate from Oakland, according to the latest version of the lease agreement.
The Associated Press news agency said that the latest version of the deal was disclosed following a meeting of the stadium authority board, which is overseeing the 65,000-seat, $1.9bn (£1.5bn/€1.8bn) development.
Public taxes will contribute $750m towards the new stadium, while the Raiders franchise itself will be investing $1.15bn after approval was granted for the move by the NFL last month.
“The Raiders are going to be investing up to $1.15bn and certainly taking the risk for any overruns,” board chairman Steve Hill said. “So, in order to make that agreement make financial sense, the revenue from the stadium needed to flow to those investors.”
The Raiders paid $3.5m to play at the Oakand-Alameda County Coliseum (pictured) last year – up from $925,000 the previous season. However, the previous draft of the deal to take the franchise to Vegas included an annual rent of only $1.
With regard to the overall development project, Hill said: “We still have five to 10 issues to work out, but I think it’s in pretty good shape.”
Share this