LAS VEGAS (AP) — The Oakland Raiders are proposing to pay $1 a year in rent to play at a $1.9 billion domed stadium if the team moves to Las Vegas.
Officials on both sides characterized a lease and use agreement presented to the Las Vegas Stadium Authority as a starting point for negotiations with the public entity that will own, but not operate, the yet-to-be-built facility.
The Raiders last week filed paperwork with the NFL to move to Nevada, likely by the 2020 season.
“This is the beginning of a process,” executive authority consultant Jeremy Aguero said Friday. “It’s a part of what the Stadium Authority will need to consider.”
Team Executive Vice President Dan Ventrelle told the authority on Thursday that a lot of work needs to be done, the Las Vegas Review-Journal reported.
The 117-page lease proposal covers the team’s use of the stadium, luxury box seats, concession sales, ticket revenues, merchandise and parking. It also addresses stadium naming rights, advertising and broadcast rights.
It doesn’t identify an operator, or specify a role for proposed stadium backer Sheldon Adelson and his casino company, Las Vegas Sands Corp.
NFL rules prohibit casino operators from having ownership roles in teams. Any relocation to Las Vegas must be approved by 24 of the 32 NFL team owners. A vote is expected during league meetings March 26-29 in Phoenix.
The authority would own the stadium because Las Vegas hotel room tax revenues are slated to pay $750 million toward construction. The Raiders have pledged $500 million and Adelson’s family has promised $650 million.
Adelson initiated conversations with Raiders owner Mark Davis about a team move a year ago, and was instrumental in getting a tax increase passed by the Nevada Legislature last October. The Adelson family also owns the Review-Journal.
A site hasn’t been picked for the 65,000-seat stadium, although a parcel of land near the Las Vegas Strip has emerged as a preferred site.
Raiders President Marc Badain told the authority the team is focusing on 62 acres across Interstate 15 from the Mandalay Bay resort and talking with land-use planners, architects and construction executives, the Review-Journal said.
The Raiders paid $3.5 million in rent to play at Oakland-Alameda County Coliseum in 2016, up from $925,000 for the 2015 season. The team has options to remain at the stadium for the 2017 and 2018 seasons.