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Oakland Raiders Deliver Early Las Vegas Lease Draft

New Las Vegas Stadium

Under a preliminary proposal submitted on Thursday, the Oakland Raiders would pay $1 per year in rent for a new Las Vegas Stadium. 

The proposal was unveiled during a meeting with the Las Vegas Stadium Authority, which would own the facility. In their concept for the lease, the Raiders–who are expected to pay $500 million toward the cost of the $1.9 billion stadium project–proposed paying $1 a year in their agreement. As part of that proposal, the Raiders would collect naming rights revenue and funds from advertising, along with concession and parking revenue from games. The authority, meanwhile, would collect parking and concession dollars for all non-Raiders events that its hosts.

Another detail of the lease grants the Raiders the authority to sign off on any college games that would be played at the stadium. It was stressed during the meeting that these terms are preliminary, and that the Raiders expect more discussions to unfold. More from the Las Vegas Review-Journal:

“We recognize that there’s a lot of work to do here,” Raiders Executive Vice President Dan Ventrelle told the board, saying the draft would serve as a starting point for negotiations between the authority and the team. “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 proposed agreement addresses every aspect of the team’s use of the stadium, from the sale of concessions and merchandise to parking and the placement of automatic teller machines. The document also addresses stadium naming rights, advertising and broadcast rights and the proposed $1-a-year lease cost.

 The Raiders paid $3.5 million in rent to play at Oakland-Alameda County Coliseum in 2016 after paying $925,000 for the 2015 season. The team has options to remain at the stadium for the 2017 and 2018 seasons.

The annual stadium rent payments of other NFL teams have a wide range: more than $20 million for the San Francisco 49ers, $8.5 million for the Minnesota Vikings, $2 million per year for the Dallas Cowboys and $1 million per year for the Seattle Seahawks. Other teams pay no rent. Some NFL franchises own their stadiums.

The Raiders filed for permission to relocated to Las Vegas earlier this month, and NFL owners are slated to weigh in on the issue in March. If the move is approved, the new stadium will likely open in 2020.

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August Publications