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February 20, 2017

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Raiders submit draft lease for proposed Las Vegas stadium

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Courtesy of MANICA Architechture

An artist’s illustration of a stadium on Russell Road and Las Vegas Boulevard was revealed during a Southern Nevada Tourism Infrastructure Committee meeting at UNLV Thursday, Aug. 25, 2016.

The push to bring the Raiders to Nevada moved forward today as the team submitted a draft 30-year lease agreement to the Las Vegas Stadium Authority Board and affirmed its preference for the proposed Russell Road stadium site.

Raiders President Marc Badain and Executive Vice President Dan Ventrelle spoke briefly before the board during the 30-minute meeting, updating the group on its progress with the National Football League central office. The team submitted its paperwork on Jan. 19 to move to Las Vegas.

Badain said that since October, when the state Legislature approved $750 million in public funding to help build the proposed stadium, the team has made five presentations to either the full group of NFL owners or the league’s stadium and finance committees. That included fielding questions from owners about a market comparison of the team’s home in Oakland, Calif., and Las Vegas.

Raiders officials expect to receive formal feedback from the league office next week regarding questions about the team’s application to move.

The team expects another four to six weeks of “due diligence” before meetings begin in March to review the application. A final vote of league owners will take place in the final week of March.

Board Chairman Steve Hill sought to clarify with Badain that the lease agreement did not need to be finalized before the relocation vote. Badain said it did not.

But, Badain said, “It’s important that we’re able to specifically identify that progress.”

The board also finalized a $450,000 agreement with legal firm Andrews Kurth Kenyon, LLP, and elected Lawrence Epstein of the UFC as its vice chairman.

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