Las Vegas Sun

September 22, 2017

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Lease: No rent for Las Vegas Raiders at new stadium

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Adam Candee

A fan wears a Raiders T-shirt outside a meeting of the Las Vegas Stadium Authority on Thursday, April 20, 2017. The Raiders will move from Oakland to Las Vegas after construction of a new stadium is completed.

Updated Thursday, April 20, 2017 | 2:17 p.m.

The Oakland Raiders would not pay rent at the proposed stadium they want to use in Las Vegas.

A draft of a lease agreement calling for no rent was unveiled during a Thursday gathering of the public entity overseeing the proposed $1.9 billion project.

Las Vegas Stadium Authority board Chairman Steve Hill has said the entity, which would own the stadium, cannot receive any revenue because it could cause bonds for the project to lose their tax-exempt status.

A previous version of the lease agreement called for a $1 annual rent.

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.

NFL team owners approved the Raiders relocation last month.

At least 46,000 personal seat license deposits have been collected by the Raiders as they prepare to move to Las Vegas in three years.

Raiders President Marc Badain announced that figure for the first time in updating the board at its meeting at the Clark County Government Center. Each $100 license deposit covers one household and could account for multiple tickets, meaning the team appears on track to be able to sell more than enough PSLs and season tickets to fill the 65,000-seat domed stadium.

Badain also told the board the team will announce picks in the NFL draft from the Las Vegas welcome sign at the south end of the Strip on Saturday, April 29. That is the third and final day of the draft.

Las Vegas Sun reporter Adam Candee and the Associated Press contributed to this report.

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