OAKLAND (CBS SF) – The Oakland Raiders, who have announced their intention to move to Las Vegas, have sent a lease proposal to Nevada officials saying the team wants to pay $1 a year to play in the city’s new proposed $1.9 billion stadium.
According to the Las Vegas Review Journal, the Raiders presented their rent proposal to a Las Vegas Stadium Authority board meeting on Thursday.
The paper said the board would review the document and publicly debate it at a board meeting in February.
The new Las Vegas stadium would be owned by the authority, with Las Vegas hotel room tax revenues paying $750 million toward construction, the team paying $500 million, and the family of casino magnate Sheldon Adelson contributing $650 million.
Raiders Executive Vice President Dan Ventrelle told the board the proposal was a starting point for negotiations.
Several issues other than rent were included in the proposal. The paper said concessions, merchandise sales, advertising and stadium naming rights were included.
The team still needs to get the approval of a majority of NFL owners to relocate to the Nevada city.
The Raiders paid $3.5 million in rent to play in Oakland this season.