NFL Owners Approve Relocation of Raiders to Las Vegas

Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...

By William H. Carlile

The NFL’s Oakland Raiders won approval from team owners March 27 to relocate the franchise to Las Vegas.

The 31-1 vote was cast at the NFL owners’ meeting in Phoenix, where attention now turns to the team’s financing plans to build a $1.9 billion, 65,000-seat stadium, through taxes and other measures.

The financing package includes $750 million in public funds, the biggest tax subsidy ever awarded for a professional sports stadium. The public funding will stem from a 0.88 percentage-point hotel tax increase.

“Today is an historic day for Nevadans. The @Raiders are moving to #Las Vegas. This will change the face of Las Vegas and our state forever,” Clark County Commission Chairman Steve Sisolak, a strong backer of the move, wrote on Twitter.

“This is a monumental day for Las Vegas and the entire State of Nevada. I would like to express my gratitude to Mark Davis, the Raiders franchise and the NFL owners for their belief in the potential of our state. I would also like to thank the Southern Nevada Tourism Infrastructure Committee, the Legislature, and everyone who worked to make this idea a reality and for their continued due diligence. The Stadium Authority Board will continue its work to finalize the details but the terms of the deal are established into law and no additional taxpayer funds will be expended,” Governor Brian Sandoval (R) said in a statement.

The Miami Dolphins cast the lone dissenting vote. The Raiders moved back to Oakland in 1995 after jettisoning the city for Los Angeles.

To contact the reporter on this story: William H. Carlile in Phoenix, Arizona at wcarlile@bna.com

To contact the editor responsible for this story: Ryan C. Tuck at rtuck@bna.com

Copyright © 2017 Tax Management Inc. All Rights Reserved.

Request Daily Tax Report: State