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.

Raiders OC Todd Downing: New weapons will 'make me look good'

Raiders OC Todd Downing: New weapons will 'make me look good'

STANFORD – Todd Downing has long been responsible for intently analyzing college quarterbacks entering the NFL Draft. He certainly did so during two seasons as Raiders quarterbacks coach, adding input to personnel department evaluations on young signal callers.

This offseason, he’s using a wide-angle lens. Downing is the Raiders offensive coordinator now, promoted to the position after Bill Musgrave was allowed to leave on an expired contract.

Coaches enter the draft evaluation process relatively late – they have a season to coach, after all – but Downing prides himself on working hard in evaluating talent. Working with general manager Reggie McKenzie’s staff, coaches feel like their voice is being heard.

That’s important to a coordinator especially, who must make a scheme work with talent around him.

“Reggie and his staff have always done a tremendous job of listening to our vision for the offense or the defense,” Downing said Thursday at Stanford’s pro day. “It’s been a joy to work with those guys over the past three years.

“(Head coach Jack Del Rio) really expects us to be accountable for our position group. Now that I’m the coordinator, there’s more of a broad scope when looking at offensive talent in the draft. When you work that hard (evaluating players), I think the scouts know that your opinion is well grounded, and that validates it a little bit.”

Downing is always on the lookout for weapons, especially while making tweaks to the Raiders offense. The Silver and Black found a few, adding tight end Jared Cook, receiver Cordarrelle Patterson, offensive lineman Marshal Newhouse and quarterback EJ Manuel.

Quarterback Derek Carr helped him get some. The full-time East Bay resident has been active recruiting free agents, trying to improve an already strong Raiders offense.

“You guys know how passionate he is about this game, and about this team and backing up this franchise,” Downing said. “(His involvement in recruiting) didn’t surprise any of us. He’s pretty hands on when it comes to football. He lives in the area, so he hopped in when we needed it and it paid off.”

Cook and Patterson especially could add dimensions to a well-rounded Raiders attack. Cook has made some big plays in the past, and should be a reliable receiving tight end the Raiders have lacked in recent seasons.

“He has a skill set that will be fun to play with (schematically),” Downing said. “We’re excited to see what he can do, and I know Derek is excited to add him. He has a history of making plays in this league, and that’s something we’re excited to have.”

Patterson’s primarily known as a kick returner – he’s a two-time All Pro on special teams – but the Raiders hope he’ll be active on offense.

“With guys like that, you just find a way to get them the rock and let them do the rest of the work,” Downing said. “They make me look good. I can call a simple play and he takes it the distance and it looks like I designed something special.”

Week after signing with Vikings, ex-Raiders RB Murray undergoes surgery

Week after signing with Vikings, ex-Raiders RB Murray undergoes surgery

A week after signing a deal with the Vikings, former Raiders running back Latavius Murray has undergone ankle surgery.

The Vikings made the announcement Wednesday afternoon.

Minnesota issued the following statement regarding the surgery:

"Vikings RB Latavius Murray had successful ankle surgery today. The surgery was performed by Dr. Bob Anderson in Charlotte, North Carolina. We were aware of the required surgery prior to signing Latavius on March 16. Latavius is expected to fully recover and be available for training camp."

Murray's deal with the Vikings is reported worth $15 million over three years, but can reportedly be voied after the first year.

Drafted in the sixth round of the 2013 NFL Draft, Murray became the Raiders' primary running back midway through the 2015 season. In his three years in Oakland, Murray carried the ball 543 times for 2,278 yards and 12 touchdowns. He was named to the Pro Bowl in 2015.