The Las Vegas Stadium Authority got its first look at the financial agreement for the new $1.9 billion Raiders stadium on Thursday, and — oooh, look, see-through video board!
It’s, like, a window looking out, and a video board looking in, so all the people outside on the highway can see football and all the people instead can see the highway and, um, anyway, shiny!
As for more salient details, they were thin on the ground. The Raiders are planning to get a $600 million loan from Bank of America, plus use $250 million from personal seat license sales; what revenue stream will be used to secure the B of A loan, or what happens if PSL sales fall short, nobody’s reporting. Here’s what B of A’s rep said at the authority meeting:
[Elliott] McCabe said the bank’s negotiations with the team includes consideration of the Raiders’ $378 million relocation fee. McCabe and Bank of America have worked on NFL stadium projects across the country, which he said gives the bank a high level of confidence that the team will be able to meet its obligations.
The stadium will also have a sliding tray where a grass field will be grown outdoors and then move into place for football games, similar to what the Arizona Cardinals have. As for other details like a non-relocation agreement, parking, and what happens in case of shortfalls or cost overruns, that’s all TBD. As is this one small detail:
There’s also some concern about cash flow in 2019 because the team doesn’t have a lease for a stadium that year. It will play in Oakland Alameda Coliseum this year and in 2018.
Yes, not having a stadium to play in for an entire year could result in some concern about cash flow. Not to mention whether players will have to call extra timeouts whenever a car comes down the street. Surely this will all be worked out in plenty of time, because that always works out fine.