The Raiders have purchased 62 acres of land near the south end of the Las Vegas Strip for the stadium the team will call home come the 2020 National Football League season.
The Raiders paid Nevada Land Group, a financial consortium including Barclays Bank and Credit Suisse, $77.5 million for the Russell Road site, according to Clark County records.
The site, which adjoins Interstate 15 and is considered the best of several that had been put forward, still must be approved by a newly formed Las Vegas Stadium Authority, a public agency. The Raiders, in the meantime, have been working with that group and county officials to complete a study of the site, including transportation and parking impact, core sampling and other work.
If everything goes forward, the Raiders will transfer the land to the Stadium Authority at no cost and the authority will own it. The Raiders will lease the 65,000-seat domed stadium for free and operate its events through a separate company contracted by the team, keeping any profits.
The Raiders have pledged $500 million to the stadium’s $1.9 billion cost. Bank of America reportedly is on board to provide the team with a $650 million loan. The balance of $750 million will be paid through the sale of public bonds backed by an increase in the county hotel room tax.
As a condition for the public funding the stadium will be shared by the football team of the University of Nevada, Las Vegas.
Once the team puts up the first $100 million for construction, it can begin accessing the public funding. A planned 32-month construction schedule starting in December would allow the stadium to open in time for the 2020 season.
The NFL’s owners voted overwhelmingly last month to approve the team’s move to Las Vegas from Oakland, Calif.
