Las Vegas investors ask for $750 million of public money to relocate the Oakland Raiders
The total cost of the project is expect to come close to $2 billion14:33 Friday 26 August 2016, 14:33 26 Aug 2016
The Oakland Raiders may be following the example of Stan Kroenke's Rams and heading to a new location soon, with Las Vegas expected to be the destination.
The team filed a trademark for the 'Las Vegas Raiders' name, in a bid to speed up negotiations and perhaps even force the hand of the city government in their current location, Oakland, where they are also hoping to raise a reported $500 million.
Raiders file trademark for "Las Vegas Raiders"— Football Is Life (@FootbaIl_Tweets) August 25, 2016
Look at this stadium... 😮pic.twitter.com/ChaGwhE74p
A group headed by billionaire casino magnate and the owner of the Las Vegas-Review Journal, Sheldon Adeson, have asked for a fair wedge of the costs to come out of public funds rather than their own.
According to a report from the Associated Press stated that they have asked for $750 million from the local oversight committee, or they will walk away from the project.
Rob Goldstein, a representative of the Adelson camp, said that they didn't want to be difficult, "but we’re not negotiable. If we can’t get 750 [million], we respectfully thank you but we’re going to move on.”
There might be a speed bump in the road in that regard as chairman of the committee Steve Hill said that "the public is not making a contribution to a privately owned stadium," a move which has been a favourite of NFL franchises in the past and garnered plenty of criticism.
The final cost of the relocation and ostentatious stadium design is expected to reach an estimated $1.9 billion, which is why the group is looking for help with the funding.
They currently have two different sites in mind for the development as outlined in their proposal, which also claimed that there would be a number of benefits in relocating the team, including the possibility of bringing a Super Bowl to Las Vegas.
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