Raiders president: Las Vegas stadium financing on track

Raiders president: Las Vegas stadium financing on track

LAS VEGAS -- The Oakland Raiders and the board overseeing the proposed NFL stadium in Las Vegas have high hopes for the project despite losing an instrumental supporter, but their plan is still missing hundreds of millions of dollars in financing.

Team leaders and the stadium authority board met publicly Thursday for the first time since casino magnate Sheldon Adelson withdrew a $650 million pledge for the project. Both sides plan to continue to work on a lease agreement, but the team didn't give a definitive answer for the major financial gap.

"The organization remains fully committed to this project," Raiders president Marc Badain told the stadium authority board members. "We are not deterred. Financing will not be an issue."

Badain told the board the team is in discussions with "multiple financial institutions," but declined to elaborate beyond that when asked by The Associated Press. The cost of the 65,000-seat domed stadium is pegged at $1.9 billion.

The meeting in Las Vegas came at a crucial time for the Raiders' proposed relocation: less than two weeks after Adelson pulled out of the project and six weeks before an NFL owners' meeting where they are expected to vote on whether to approve the move.

Badain and stadium authority board members on Thursday expressed confidence in their ability to make significant progress in a proposed lease and use agreement ahead of the owners gathering. A draft of the agreement that the Raiders presented to the stadium authority board last month includes a proposed $1 annual rent for the team.

"We'll work to make it better," board chairman Steve Hill said. "We may make six weeks' worth of progress in the next three or four weeks."

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.

Adelson and his family had pledged $650 million and the Raiders promised $500 million, with the stadium authority putting up $750 million in Las Vegas tax revenues.

Adelson, the chief executive of Las Vegas Sands Corp. whose holdings include the Venetian and Palazzo resorts on the Las Vegas Strip, played an instrumental role in winning state approval to help fund the stadium with public money.

In withdrawing, he declared that he had been shut out of talks that led to the lease document being presented to the stadium authority.

Another lingering question is location. A site hasn't been picked for the stadium, although a parcel of land near the Las Vegas Strip has emerged as a preferred location.

The stadium authority is a public board whose operations will be funded by the newly approved Las Vegas-area hotel tax increase that's expected to yield $13 million a year. Casinos won't start collecting that until March 1, and money won't flow to the authority until April.

Carr plans to spread new wealth after Raiders contract extension

Carr plans to spread new wealth after Raiders contract extension

ALAMEDA – Derek Carr isn’t one for extravagance. The low-key Raiders quarterback already has some nice cars, a house and some luxury items to his name, but signing a $125 million contract extension Friday morning won't prompt a spending spree.

Cornerback Sean Smith suggested he get a Bugatti. That’s a $1 million car.

“Yeah,” Carr said with a smirk. “That’s not going to happen.”

That isn’t the 26-year old’s style. Carr had a his own plan after signing on the dotted line.

“I’ve been eating clean,” Carr said. “I’ll probably get Chick-fil-A.”

That makes sense. This is a guy who celebrated his first NFL victory with a trip through a Carl’s Jr. drive-in.

There will be other purchases. His wife Heather will get something nice in the near future. His family, especially Heather and sons Dallas and Deker, will be taken care of for life.

After all that, Carr plans to spread the wealth.

“The exciting thing for me moneywise, honestly, is this money is going to help a lot of people,” Carr said. “I’m very thankful to have it, that it’s in our hands because it’s going to help people. Not only in this country, but in a lot of countries around the world. That’s what’s exciting to me.”

Carr and former Raiders running back Latavius Murray took a missionary trip to Haiti, an impoverished nation had a profound impact on the star quarterback.

“I’ve been down to Haiti and I’ve seen some of those struggles that they have and the kids there, and my heart just… I cry sometimes thinking about it,” Carr said. “So, just knowing that we can go down there and make a difference and help, those are the kind of things that the money makes me kind of like, ‘Oh my gosh.’ Because now we can really do some things to help a lot of people.”

He plans to support those in that area, in addition to global and domestic charities he has been involved with over the years. Don’t expect a press release accompanying every donation. Carr would rather keep those decisions private.

“I’m going to do my best to make sure no one knows what we do with it,” Carr said. “I’ll just say this, I can assure you that it’s going to help a lot of people. I’m not stingy. My business manager will probably be on me saying, ‘Hey man, that’s enough.’ I won’t get into when, how or why. It’s not all about that for me. It’s about making a difference. That’s what’s exciting for me is that we’ll be able to do that.”

Carr didn't want to 'take every single dime,' handcuff Raiders long-term

Carr didn't want to 'take every single dime,' handcuff Raiders long-term

ALAMEDA – Raiders quarterback Derek Carr signed a five-year contract extension Friday morning that will pay him $25 million in 2017 and $125 million over the life of the deal.

That’s a lot of scratch. Could’ve been more.

Carr received life-changing money. He didn’t want to handcuff the Raiders front office in the process.

“I just wanted to be a Raider,” Carr said Friday in a press conference. “It’s more than just a team to me. It’s family. The way it went down, it was easy. Both sides wanted it to get done, and it was about family members figuring out to get along. We figured out a way to do it so that we have the opportunity to sign other guys who are important to this organization. That was really important to me, not to just take every single dime that we could”

That list is long but it starts with homegrown talents Gabe Jackson and Khalil Mack. Jackson is up next, and could get locked up before the regular season starts. The Raiders have some time on Mack – his contract doesn’t expire until after 2018 – and Amari Cooper should be a keeper on down the road.

“The bottom line is we’re able to continue to move forward with it, keep all the players that we need to keep in the correct timing,” Raiders general manager Reggie McKenzie said. “This affords us to do that. We’re going to start on that ASAP.”

Carr got the deal he wanted. The 26-year old found market value and upped the ante for NFL quarterbacks a smidge while deferring some cash payouts – his big-time bonuses are broken up over two years -- to create windows of financial flexibility to sign other players. Carr’s percentage of the salary cap should decrease over time and won’t become an insurmountable burden to his employers. His deal won’t prevent the Raiders from keeping Jackson, Mack, Amari Cooper in time, or other vital veterans in house.

With Carr locked up, the McKenzie can work deals and the timing of them around his centerpiece.

Carr understands the NFL business and his role in the market, but he wants to maintain a competitive window as best he can and understands other guys will draw huge paychecks in the near future.

He’s scheduled to draw the NFL’s largest sum next season. A record $25 million is headed his way, though that total will decrease a bit in time and will certainly he surpassed by Matthew Stafford and possibly Kirk Cousins in the near future.

“I don’t care if they all do. We got our contract done, that’s all that matters to me,” Carr said. “The other thing that was important to me is that we didn’t worry about what other people were going to do or doing. I just wanted to get mine done and make sure that the team had, again like we talked about, flexibility to make sure my friends stay around.”

Carr was intimately involved in the negotiation process. Both sides said it was easy, wrapped up well before Carr’s training-camp contract deadline. Common ground was found in short shrift once talks warmed up – preliminary talks started months ago -- and a deal was ironed out that produced smiles on both sides once the deal was formally done.

Even after taking a relatively soft-line stance on dollars and the timing of payments – Carr could’ve been difficult all year and eventually forced a franchise tag – he’s still the league’s highest-paid player. His salary will now be compared with his stats. He was a second-round draft steal before. Now he’s a big-money player. In short, expectations will rise.

Carr insists it won’t add pressure to next year’s proceedings.

“You could give me a dollar, you could give me $25 million, it doesn’t matter,” Carr said. “To me, my No. 1 goal is to make sure that I give everything that I have to this organization. There’s no pressure. There’s no we’ll be on the 1-yard line and I won’t give it to Marshawn (Lynch), I’ll throw it. None of that stuff. I don’t care about the stats. That’s not my No. 1 objective. I don’t care if I throw 10 touchdowns next year. If we win every game, that’s all I care about.”