Raiders complete purchase of land for Vegas stadium
Los Angeles (AFP) – The Oakland Raiders have completed the purchase of 62 acres near the Las Vegas Strip where their new stadium will be built in time for the 2020 NFL season.
Documents posted Monday at the Clark County Recorder’s Office showed the sale price for the land west of the Mandalay Bay resort was $77.5 million, the Las Vegas Review-Journal reported.
Clark County Commissioner Steve Sisolak announced that the NFL and the Raiders closed escrow on the proposed site for the $1.9 billion domed stadium that will have a capacity of 65,000 seats.
NFL owners voted in March to approve the relocation sought by Raiders owner Mark Davis. The team will play next season in Oakland with their home venue uncertain for 2018 and 2019.
Nevada lawmakers last year approved a hotel tax to help raise $750 million to the cost of stadium construction. The NFL and Raiders will contribute $500 million to the project with a $650 million loan from Bank of America to cover the remainder of the project.