Following its annual Franchise Owners General Meeting on Monday 27 March, the NFL has approved for the Oakland Raiders to move to Las Vegas Nevada within the next three years.
US business news sources report that NFL Franchise owners voted overwhelmingly (31-1) in favour of a Las Vegas relocation for the Raiders, despite protests from Oakland fans and city officials.
The Davis Family, owners of the Raiders Franchise have overcome concerns relating to gambling being associated with the NFL.
Last January, long term backer Sheldon Adelson owner of the Las Vegas Sands Corporation, had to forego his association with the Vegas Raiders project as NFL rules do not permit franchises to be funded by gambling/betting stakeholders.
Nevertheless, led by Mark Davis, the Vegas Raiders would secure $750 million in Nevada state funding, along with the Davis family being granted a $600 million loan from Bank of America.
Having won the right to relocate the Raiders, Mark Davis thanked Adelson for his contribution to the project, stating that the casino magnet had played a key role in convincing Nevada to back the move.
Coming to Las Vegas, the Raiders will be housed in a $1.7 billion specially built state-of-the-art dome. Furthermore, the NFL is pleased to open its first franchise in the state of Nevada, with Las Vegas being one of the most visited cities in the USA.
Although unanimously backed by the NFL, the league and Davis Family has faced a number of critics for its decision to allow a relocation. The Oakland Raiders are a well-supported franchise with history in the Bay Area.
For several months, the Davis family has been accused of looking for an ‘easy way out’ of Oakland. City officials have asked that the Davis Family refund all season tickets for the 2017/18 NFL Season.