The Las Vegas Stadium Authority has its eyes set on an updated lease agreement for the Oakland Athletics' ambitious $1.5 billion ballpark project slated for the Las Vegas Strip. On Thursday, stakeholders and observers alike will have the opportunity to scrutinize the latest draft of the lease agreement that could pave the way for the A's move to Sin City - a presentation that is part of a regular stadium authority meeting. This lease agreement, first introduced last year, outlines the terms under which the A's would operate within the new ballpark following a transfer of ownership to the stadium authority, as reported by the Las Vegas Review-Journal.
According to the Las Vegas Review-Journal, the lease and the draft non-relocation agreement, which also will be presented, are integral, they're set to run for 30 years alongside the team's proposed relocation and are among four crucial agreements needed before public funds can be committed to the stadium's construction. In addition to the mandated lease and non-relocation agreements, there is also a community benefits agreement, already approved earlier this year, and a development agreement from July still in review. These documents are part of a scrupulous process, ensuring the responsible allocation of substantial public funds.
While the team hammers out its financing plan, about $300 million in debt has already been identified, alongside up to $850 million in equity from the deep pockets of John Fisher's family, who owns the team. However, this financial structure is not set in stone as they are aiming for local investment to fill in the gaps, which would afford contributors a minority stake in the team. As stated by the News3LV, Sandy Dean, an A's executive, relayed last month that the team anticipates utilizing $350 million of the $380 million in public funding available through Senate Bill 1.
The Stadium Authority faces a vote on whether to distribute nearly $2.4 million to University of Nevada, Las Vegas as compensation for revenue shortfalls experienced during the 2023 football season at Allegiant Stadium. Under Senate Bill 1, University of Nevada, Las Vegas is guaranteed up to $3.5 million annually if stadium income doesn't hit the $5 million benchmark. The resulting shortfall, as it were, comes after Allegiant Stadium's revenues from University of Nevada, Las Vegas football games fell shy of that $5 million target by netting just over $2.6 million last year. Stadium authority Chairman, Steve Hill was quoted in the Las Vegas Review-Journal mentioning that they anticipate finalizing the outstanding agreements in the coming months for potential approval in December.
On the agenda is also a vote to approve University of Nevada, Las Vegas 2024 home game schedule, involving matchups against noteworthy teams like Syracuse, UNR, Boise State, San Diego State, and Fresno State. The coordination of these games is a collaborative effort, involving University of Nevada, Las Vegas, the Raiders, and Allegiant Stadium personnel to work around NFL games and other major stadium events – ensuring that the calendar accommodates the university's requirements while meeting the commercial demands of Allegiant Stadium.
