Jason Cole of B/R reports that the odds of the Raiders relocating to Las Vegas continue to increase following the news that the Nevada panel agreed to recommend spending $750 million in public funds for a stadium that would be shared by the Raiders and UNLV.
According to Cole, there’s “strong belief” that the Nevada will approve this proposal and get approval of the legislature. Cole says that the only remaining hurdle for this deal is whether the vote will be before or after this year’s election.
With this in mind, Cole mentions that “it may take a miracle to keep the Raiders in Oakland.”
Yesterday, the Southern Nevada Tourism Infrastructure Committee approved $750 million of public funding for a new stadium in Las Vegas on Thursday. Meanwhile, the developers of the projection will contribute up to $650 million.
The next step for a Las Vegas stadium is for the Govoner to contact Nevada lawmakers so that the developers have time to make the Raiders’ relocation case to the NFL, according to Nathan O’Neal.
A few months ago, the SNTIC elected to reduce the public contribution for a new Raiders’ stadium in Las Vegas to $550 million from $750 million, which caused some consternation.
Recent reports had said that if Las Vegas didn’t come through with funding for a new stadium now, the Raiders and the NFL would move to other options. However, this is no longer a hurdle in the process.
Raiders owner Mark Davis announced a few months ago that he was prepared to pledge $500 million towards a Las Vegas stadium project as long as finances for a stadium comes through.
NFL owners appear to be open to the Raiders ending up in Vegas, but there’s no question that public contributions were going to be a major factor in whether Vegas was viewed as serious option.
It’s worth mentioning that the Raiders have the option to join the Rams in Los Angeles if the Chargers back out of their current agreement and get a new stadium built in San Diego.
We’ll have more updates regarding the Raiders’ future as the news becomes available.