Las Vegas • The public board that oversees the proposed stadium where the Raiders want to start playing in 2020 on Thursday unanimously approved a conditional lease agreement for the facility after months of negotiations that were affected by the sudden exit of an instrumental financial backer of the $1.9 billion project.
The Las Vegas Stadium Authority board was running up against a deadline to approve the lease to avoid delaying the team's relocation by a year, as NFL owners gathering next week in Chicago plan to take up the document. It addresses various aspects related to the 65,000-seat stadium, including insurance, repairs, maintenance, naming rights and a rent-free provision.
"We got to the finish line in time, but we didn't start real well, and obviously, that kind of set off some events," board chairman Steve Hill said after the meeting. "We lost six weeks in the process, but we made up for it, the Raiders made up for it, and we are here today where we need to be."