Las Vegas stadium lease agreement won't be ready by NFL owners' meeting

Las Vegas stadium lease agreement won't be ready by NFL owners' meeting

LAS VEGAS -- The lease agreement for a proposed Las Vegas NFL stadium will not be ready before league owners meet later this month, when they could potentially vote on whether to approve the relocation of the Oakland Raiders.

Members of the board that oversees the proposed stadium gathered Thursday in Las Vegas to discuss some of the terms they would like to see in the agreement. They made one thing clear: A final lease agreement for the proposed $1.9 billion, 65,000-seat domed stadium won't be reached within weeks.

"There's been a little bit of discussion about the timing necessity of the lease, and certainly, we are going to work expeditiously in order to get that lease done," Las Vegas Stadium Authority Board chairman Steve Hill said. "But I also want to say that we are not going to rush that process."

Three-quarters of the league's owners must approve the Raiders' relocation, and they could decide without a lease agreement being finalized. A vote could come at the owners meetings in Phoenix at the end of March.

The team has told the board at a previous meeting that the owners wanted to see progress on the agreement and financing before the vote.

"My sense is that the approval will probably come, if it comes, with some conditions around what's important to the NFL around what the content of that lease would be," Hill said after the meeting.

It came the same week the team presented to the NFL a new financing proposal backed by Bank of America. The Raiders sought a new partner after casino magnate Sheldon Adelson withdrew a $650 million pledge last month.

Hotel room tax revenue from the city is slated to pay $750 million toward construction, while the Raiders and NFL would pay the remaining $500 million.

The team has presented the stadium authority board with a lease proposal that covers the Raiders' use of the stadium, luxury box seats, concession sales, ticket revenue, merchandise and parking. It suggested $1 a year in rent.

The team has been looking for a new stadium for years as it seeks to move out of the outdated Oakland-Alameda County Coliseum, which is the only stadium used by both an NFL and Major League Baseball team and is unable to generate the revenue for the Raiders the way more modern stadiums around the league can.

The Las Vegas board heard Thursday from the Houston-based attorney it hired for negotiations. Among the issues discussed were provisions that could be included in the deal that would guarantee the stadium features branding from the University of Nevada Las Vegas' football team, which would play home games there.

"That's obviously a big concern to UNLV," board member Mike Newcomb said. "They want the fans coming in to see the UNLV Rebels in the end zone."

Under the proposed lease agreement, the Raiders would have to approve any field markings.

"The team shall use reasonable efforts to support collegiate field markings, but the team shall have no obligation to compromise its field markings or field conditions for collegiate games at any time," documents say.

The mayor of Oakland, the team's current city, made a presentation Monday to league committees in hopes of persuading owners to prevent the Raiders from moving.

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.

A site has not been picked for proposed Sin City stadium, although a parcel of land near the Las Vegas Strip has emerged as a preferred location.

Raiders head to NFL owners meetings looking for Las Vegas approval

Raiders head to NFL owners meetings looking for Las Vegas approval

PHOENIX -- All signs point to the Raiders being approved for relocation to Las Vegas. It could happen as early as Monday, when the topic will be discussed at the NFL owners meetings in Phoenix. It could be Tuesday. Or in May. Or at any point in a conference call.

The timing is less important than the ultimate outcome. The when is uncertain. The what seems likely, though not guaranteed, at this stage.

The Raiders need 24 of 32 approval votes to relocate and start construction on new digs.

The Raiders have presented a solid application to the NFL, centered on a stadium proposal in Las Vegas that includes $750 million in public funds for stadium construction. Bank of America, who is financing the project, is expected to loan the Raiders money to complete a financing plan that includes the public contribution and $500 million from the team and the NFL.

The Sports Business Journal reported on Sunday that the estimated stadium cost has dropped to $1.7 billion, and will receive $200 million in infrastructure improvements not included in their construction contribution.

League sources continue to say approval is expected. There is great confidence within the Raiders organization a vote will go their way.

Some issues remain, though none are significant roadblocks. A stadium lease hasn’t been finalized and a site hasn’t been formally announced – it’s reportedly set for a spot just off the Las Vegas Strip near Russell Road – so approval would likely come with conditions that could be met in time.

The Raiders worked a sweetheart deal that mines significant money from the public. They don’t have investors with direct ties to gambling. And, as important as anything else, the NFL doesn’t believe Oakland has a viable plan to keep the Raiders in an otherwise attractive, booming market.

That includes the latest proposal from the Oakland and financial partner Fortress Investments announced on Friday that makes certain concessions aimed at getting the Raiders back to the table.

The Silver and Black haven’t worked with East Bay officials in more than as year, as they’ve shifted complete focus to their Las Vegas quest.

The revised Oakland plan didn’t move the needle, a league executive said. That point was made crystal clear in a letter NFL commissioner Roger Goodell sent to Oakland mayor Libby Schaaf.

“The material that we reviewed earlier today confirms certain information that had previously been communicated orally, such as a willingness to bring bank financing to a stadium project, and a proposed valuation of the land at the Coliseum site,” Goodell wrote in a letter obtained by Bay Area News Group. “It also confirms that key issues that we have identified as threshold considerations are simply not resolvable in a reasonable time. In that respect, the information sent today does not present a proposal that is clear and specific, actionable in a reasonable timeframe, and free of major contingencies.”

That virtually eliminates the prospect of Oakland planting doubt in NFL owners’ minds heading into a pivotal discussion on the topic Monday at the Arizona Biltmore hotel.

It’s possible the stadium and finance committee will make a formal recommendation on the Raiders application to relocate. That could precede a vote, and generally holds significant weight among undecided owners.

A league source said the new Oakland plan will be a talking point, though it may not be viewed in a flattering light. That’s especially true in light of Goodell’s letter.

“At this date, there remains no certainty regarding how the site will be fully developed, or the specific and contractually-defined nature of the participation by Fortress or other parties,” Goodell wrote. “In addition, the long-term nature of the commitment to the A’s remains a significant complication and the resolution of that issue remains unknown. Other significant uncertainties, which we have previously identified, remain unaddressed. We had hoped that the past two years would have allowed both of us to develop a viable project.”

 

Peterson blasts report over salary demands, outlines main objectives

Peterson blasts report over salary demands, outlines main objectives

Adrian Peterson played defense on Friday night.

Hours after a report suggesting that the four-time All-Pro running back was still a free agent due to salary demands, the former Viking posted a lengthy statement on Instagram along with a video of his running an agility drill.

"YOU CANT BELIEVE EVERYTHING YOU READ OR HEAR PEOPLE. The last thing I'm worried about is playing ball this coming season ... that WILL HAPPEN! It's not all about the money as EVERYONE is speculating here lately. You'd THINK these analysts spoke to me directly. When you don't know what's going on people will say anything to create or make a story! How prideful is it for me to put out ... I won't play for anything less than 8 million! But see, when you don't know a person or what they stand for it's easy to paint YOUR OWN PICTURE. Unfortunately, this is the world we live in! Here is something Straight from the horse's mouth ... finding the best fit & helping a team in a major way win a championship is my main objective! I'm in no rush. Let me eliminate questions or speculation as to why... I believe whole heartedly my God will land me right where I need to be to accomplish what I've asked from him PERIOD"

Early in the free agency period, the Raiders were linked to Peterson, but nothing came of those rumors.

The Raiders, in need of a feature back after Latavius Murray signed with the Vikings, are reportedly pursuing the possibility of luring Oakland-native Marshawn Lynch out of retirement.

Peterson was scheduled to make $18 million in 2017, but the Vikings declined to exercise his contract, making him a free agent. The 2012 NFL MVP turned 32 on March 21 and played in just three games in 2016 due to a major knee injury.

According to the ESPN report, Peterson was looking for a contract that paid him over $8 million in the first year of the deal.

YOU CANT BELIEVE EVERYTHING YOU READ OR HEAR PEOPLE. The last thing I'm worried about is playing ball this coming season ... that WILL HAPPEN! It's not all about the money as EVERYONE is speculating here lately. You'd THINK these analysts spoke to me directly. When you don't know what's going on people will say anything to create or make a story! How prideful is it for me to put out ... I won't play for anything less than 8 million! But see, when you don't know a person or what they stand for it's easy to paint YOUR OWN PICTURE. Unfortunately, this is the world we live in! Here is something Straight from the horse's mouth ... finding the best fit & helping a team in a major way win a championship is my main objective! I'm in no rush. Let me eliminate questions or speculation as to why... I believe whole heartedly my God will land me right where I need to be to accomplish what I've asked from him PERIOD

A post shared by Adrian L Peterson (@adrianpeterson) on