While it has not been finalized, the joint-use agreement between UNLV and the Oakland Raiders for the new Las Vegas stadium is closer to completion.
Throughout the planning process, it has been anticipated that the new Las Vegas stadium will be used by both the Raiders and UNLV football, with the latter making the move from Sam Boyd Stadium. In order for that arrangement to happen, the two sides will need to complete a joint-use agreement that, among other issues, will outline UNLV’s access to the facility, event scheduling, and certain revenue splits.
More information will emerge when university regents discuss the agreement early next month, but an early draft calls for UNLV to retain some key revenue sources. More from The Las Vegas Sun:
UNLV hired powerful New York sports law firm Herrick — at a rate of up to $745 per hour — to protect its interest after receiving the first draft from the Raiders. That move appears to have provided a good return on investment.
“This draft Joint Use Agreement is the result of the ongoing negotiations, which began in June,” said UNLV Athletics Director Desiree Reed-Francois. “It has been submitted as an information item to our Board of Regents for their review and will be considered for their approval at a subsequent meeting later in January.”
Per the draft agreement, UNLV would be able to sell as many as 70 percent of the anticipated 100 luxury suites for its six annual home games in the $1.8 billion stadium. The university would keep money from those sales, as well as club level and non-premium seat revenues as well. Off-limits would be 22 “owner’s level” suites and eight other designated suites.
The first draft terms would have given the Raiders exclusive right to sell luxury suites and club seating for UNLV football games as part of larger packages including Raiders games and other major events. For these sales, UNLV would have received only an amount equal to the average per-ticket price for club seats at a Rebels game for the number of tickets issued inside the suites.
University regents are expected to discuss the agreement on January 4, with a vote on the deal possibly taking place on January 19. From there, it would move to the Las Vegas Stadium Authority for its approval. The new Las Vegas Stadium is slated to open in 2020.
Rendering courtesy MANICA Architecture.
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