The Las Vegas Stadium Authority meeting today, at 1 pm local time, should be the last public meeting of this board before the NFL Owners meeting later this month. Here is a heads up on what to expect.
What to Expect From the Las Vegas Stadium Authority Meeting Today
Today’s Las Vegas Stadium Authority agenda shows no “for possible action” for the Oakland Raiders update. So we should not expect any kind of vote to approve a Raiders lease agreement.
There are a few reasons for this. First, we have not yet seen the Raiders present their Stadium Events Company lease proposal. This is important because the team lease will be through the Stadium Events Company, and not directly with the Las Vegas Stadium Authority. Without the SEC agreement with the LVSA, it is not possible to vote on this.
Also for any vote to happen, it is state law that it must list “for possible action” on the agenda 72 hours in advance.
With no vote on a proposed lease agreement, one could conclude there will not be much to this meeting. However, this is the last scheduled meeting before the NFL Owners meeting in Phoenix. Speaking of, there could be a meeting added to the calendar, if needed, by LVSA Chairman Steven Hill. While this is not expected, if the NFL Owners require more clarity before their meeting, Chairman Hill will make it happen.
We Might Finally See a Draft of the Stadium Events Company
This would be huge news for those who are not glued to relocation news because most people are totally unaware of its existence. For those who do not know, the Stadium Events Company (SEC) is the actual entity that will run the day to day management of the Las Vegas Stadium, and not the Las Vegas Stadium Authority (LVSA). Now, this is no guarantee we will see the SEC, but do not be surprised if you do.
We have not seen this before because up until Bank of America was named, it was a question mark on how the SEC would be structured. With Bank of America now inked in for financing, the Raiders will own the SEC and be able to begin negotiations with the LVSA.
I know this might sound confusing, so to be clear, the Raiders will have two separate agreements because they have two separate companies. There will be a lease agreement for the team and a lease agreement for the SEC, which the Raiders also own.
Another thing to pay attention to is if numbers have changed from the original lease proposal, like the lease payment, naming rights, etc. Since there is no vote on this, I do not expect to see changes made public yet. But if they do make those changes public, it will be interesting to look out for. The reason I mention this is because it would add some clarity to the revenue streams Bank of America required to secure their financing.
What Else Might We Expect?
Another couple of issues to keep an eye out for would be clarity on the UNLV field markings, logo in the language of the lease, and a better understanding of how the LVSA will be able to maintain the Las Vegas Stadium. This last part is important because if the LVSA does not keep the stadium as a premiere NFL destination, is becomes a breach of contract. Think St Louis.
Last Things to Expect to See
A 30-year lease with (four) five-year options.
Five to ten home games being played internationally over the course of the lease.
The meeting will be later today at 1 pm local time. Clark County’s website will be live streaming it here for those interested.
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