Under terms, Raiders would pay $1 a year lease on Vegas stadium - FOX5 Vegas - KVVU

Under terms, Raiders would pay $1 a year lease on Vegas stadium

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Another rendering of the proposed Raiders stadium was presented on August 25, 2016. (Source: SNTIC.org) Another rendering of the proposed Raiders stadium was presented on August 25, 2016. (Source: SNTIC.org)
LAS VEGAS (FOX5) -

The Raiders will pay a $1 per year lease to play in their Las Vegas stadium under the terms of the team's 107-page lease that was released on Thursday.

While we're about two months away from whether the NFL owners will green light their move, the Raiders stand to pay millions less than other franchises when it comes to rent.

On Thursday, the lease agreement, which many cautioned as preliminary, was ironed out due to the fact the team is expected to own the land on which it will build a new stadium.

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Jeremy Aguero, who works for the Las Vegas Stadium Authority board, said since the team will own the land and construct the stadium, the Raiders are essentially paying rent to themselves.

The sentiment was backed by Nevada Gov. Brian Sandoval, who said, "The Raiders would invest $1.15 billion in the stadium and accept all responsibilities and risk."

The stadium's price tag is being eyed at $1.9 billion - about $750 million of which would come from a hotel tax.

The stadium leasing issue may become a moot point if the NFL owners say "no" to the Raiders' relocation to Las Vegas. A vote is due in March among the 32 team owners on whether to grant the team's request. At least 24 owners would have to give the green light.

In the leasing terms, the Raiders revealed their preference of the 62-acre Russell Road site to build the stadium.

You can view the full leasing agreement below:

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