LAS VEGAS (AP) - The public entity that oversees the proposed stadium where the Raiders want to start playing in 2020 has approved a conditional lease agreement for the facility.
Las Vegas Raiders graphic by MGN.
The approval given by the Las Vegas Stadium Authority board Thursday was necessary to avoid delaying the team's relocation by a year as NFL owners gathering next week in Chicago plan to take up the document.
The lease addresses various aspects related to the 65,000-seat stadium, including insurance, maintenance and naming rights.
Guests of hotels and other lodging facilities in the Las Vegas area are contributing $750 million to the $1.9 billion project through an increase in the room tax. The Raiders and the NFL are expected to contribute $500 million. The team has also secured a $650 million loan from Bank of America.
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)