Nevada senate approves new stadium deal for Oakland Raiders

The Oakland Raiders are a step closer to relocating to Las Vegas, thanks to a new stadium funding deal approved by the Nevada senate.

The city of Los Angeles just got one football team back in town, the Rams, now it looks as though they’re a step closer to missing out on bringing back their most storied NFL franchise. The Nevada senate has voted to approve a new stadium funding deal for what is now the Oakland Raiders.

According to a report from News3LV in Las Vegas, the approved deal will spend nearly $750 million on a brand new stadium that the Raiders are expected to relocate to and use. They will pitch in $500 million as well. The deal was approved by a 16-5 vote this week.

The stadium’s estimated cost is $1.9 billion and state lawmakers would have to approve the $1.4 billion stadium’s public funding package. Ongoing expenses would be paid for by roughly $35 million annually in taxes generated from stadium grounds.

The next step is for the proposal to go to the Nevada General Assembly, which will reconvene on Thursday. A 2/3 majority vote is needed in the General Assembly to push the project forward. Steve Wynn, CEO of Wynn Resorts, spoke with the Las Vegas Review-Journal on Monday about the situation.

"If the NFL and the Raiders come because we build the stadium, and we won’t build the stadium unless they’re coming, for the first time in modern history the National Football League has signaled a willingness to allow the team to transfer"

If the stadium measure passes, the league would then have to vote to approve the Raiders’ change of address to Vegas. Essentially, 75% of NFL owners would have to give their approval before the move could become official.

The Raiders have been in California since the team’s inception in 1959, calling both Oakland and Los Angeles homes at one point. In August, Raiders officials met with Northern Nevada officials about the possibility of Reno being the site of a new training camp and practice facility. They also filed a trademark application for “Las Vegas Raiders” on the day that images of a new stadium in Las Vegas was revealed.