Today Raiders brass was meeting with the Las Vegas Stadium Authority to submit their proposal. The meeting lasted just a half hour which was said to be one of the shortest ever. At the meeting was Raiders president Marc Badain while Mark Davis was meeting with Sheldon Adelson.
A few interesting details from the Raiders’ proposal.
1. Stadium site preference
According to reports, the Raiders have selected the Russell Road site as their preferred site which is on the west side of I-15, southwest of the strip.
2. No lease agreement yet
One of the reasons Mark Davis was meeting with Sheldon Adelson today was to discuss the details of this. As Daniel Kaplan explains, having no lease agreement means it is uncertain yet whether Adelson will indeed be putting up the $650 million or not. If he backs out, Goldman Sachs is waiting to take over as the private backer.
Told the Raiders relocation bid does not have a lease agreement in it, so whether team aligns with Adelson or Goldman Sachs still uncertain— daniel kaplan (@dkaplanSBJ) January 26, 2017
This backing is above and beyond the $750 million in public funding as well as the $500 million from Davis and the NFL. Not knowing where the rest of the money is coming from could potentially affect the NFL vote come March 26.
3. Raiders rent set at $1
Yes, that’s ONE DOLLAR. As Jackie Valley of the Nevada Independent discovered when she was thumbing through the use agreement.
4. Raiders control naming rights
If the $1 rent and $750 million in public funds didn’t seem like a sweet enough deal, the Raiders also propose control of all naming rights of stadium and outdoor plaza area.
5. Raiders keep signage sponsorship revenue
If the $1 rent, $750 million in public funds, and stadium naming rights wasn’t sweet enough already, they also propose to retain all revenue from signage at the stadium.
The full document is 107 pages long which the Authority board members are expected to review and discuss at a meeting next month.