NFL American football team the Oakland Raiders has signed a lease deal with the Las Vegas Stadium Authority to build its new venue in Nevada.

The deal was signed yesterday (Wednesday), exactly a year after NFL owners gave the Raiders the green light to move to Las Vegas.

The lease and development agreements were signed by Raiders president Marc Badain and authority chairman Steve Hill.

The stadium will have a capacity of 65,000 and is projected to cost $1.8bn (£1.3bn/€1.5bn) to build. It is hoped the venue will be ready in time for the 2020 NFL season.

The site on which the stadium will be built is now set to be transferred to the stadium authority tomorrow.

Badain praised the stadium authority and the Raiders for the speed with which the project has progressed. “I just don’t think there’s a community in the country that pulls off what this community does on a regular basis,” Badain said, according to the KSNB NBC Las Vegas news website.

“The leadership and the vision that it takes to put a deal like this together can take decades, in some cases. Just look at the project in LA – the Chargers were working on a stadium project for 15 years, and we were trying in our market for almost ten.”

Image: Las Vegas Stadium