The Las Vegas Stadium Authority on Thursday unanimously approved a conditional lease agreement for the Oakland Raiders, helping avoid any possible delays on the team's relocation.
Had the deal not gotten done in time, owners could not have considered the lease until their next meeting in October and that could have pushed back the planned stadium opening until 2021, Raiders president Marc Badain said. Mortenson Construction will take the lead in building the $1.9 billion stadium that will sit on the 62 acre lot across from the Mandalay Bay and the 15. There had been some question about whether the Raiders and the Las Vegas Vegas Stadium Authority would be able to come to terms on a lease for the new venue.
The reason for the urgency was that the lease needed to be done before the NFL league meeting next week, May 22 in Chicago.
The Raiders will share the stadium with UNLV's football team, which plays in the Mountain West but has designs on eventually moving into a Power 5 conference.More news: The Coca-Cola Target of Unusually High Options Trading (KO)
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The team's home stadium for the 2019 campaign remains uncertain.
The Raiders are still a part of Oakland for now, but they're putting the wheels in motion for their move to Las Vegas. It was the Raiders' top choice of prospective sites because it's near the Las Vegas strip.
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