Raiders

Raiders president: Las Vegas stadium financing on track

Raiders president: Las Vegas stadium financing on track

LAS VEGAS -- The Oakland Raiders and the board overseeing the proposed NFL stadium in Las Vegas have high hopes for the project despite losing an instrumental supporter, but their plan is still missing hundreds of millions of dollars in financing.

Team leaders and the stadium authority board met publicly Thursday for the first time since casino magnate Sheldon Adelson withdrew a $650 million pledge for the project. Both sides plan to continue to work on a lease agreement, but the team didn't give a definitive answer for the major financial gap.

"The organization remains fully committed to this project," Raiders president Marc Badain told the stadium authority board members. "We are not deterred. Financing will not be an issue."

Badain told the board the team is in discussions with "multiple financial institutions," but declined to elaborate beyond that when asked by The Associated Press. The cost of the 65,000-seat domed stadium is pegged at $1.9 billion.

The meeting in Las Vegas came at a crucial time for the Raiders' proposed relocation: less than two weeks after Adelson pulled out of the project and six weeks before an NFL owners' meeting where they are expected to vote on whether to approve the move.

Badain and stadium authority board members on Thursday expressed confidence in their ability to make significant progress in a proposed lease and use agreement ahead of the owners gathering. A draft of the agreement that the Raiders presented to the stadium authority board last month includes a proposed $1 annual rent for the team.

"We'll work to make it better," board chairman Steve Hill said. "We may make six weeks' worth of progress in the next three or four weeks."

The Raiders paid $3.5 million in rent to play at Oakland-Alameda County Coliseum in 2016, up from $925,000 for the 2015 season. The team has options to remain at the stadium for the 2017 and 2018 seasons.

Adelson and his family had pledged $650 million and the Raiders promised $500 million, with the stadium authority putting up $750 million in Las Vegas tax revenues.

Adelson, the chief executive of Las Vegas Sands Corp. whose holdings include the Venetian and Palazzo resorts on the Las Vegas Strip, played an instrumental role in winning state approval to help fund the stadium with public money.

In withdrawing, he declared that he had been shut out of talks that led to the lease document being presented to the stadium authority.

Another lingering question is location. A site hasn't been picked for the stadium, although a parcel of land near the Las Vegas Strip has emerged as a preferred location.

The stadium authority is a public board whose operations will be funded by the newly approved Las Vegas-area hotel tax increase that's expected to yield $13 million a year. Casinos won't start collecting that until March 1, and money won't flow to the authority until April.

Rashaan Melvin says he cheated Raiders fans during season with the team

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USATSI

Rashaan Melvin says he cheated Raiders fans during season with the team

Rashaan Melvin said his goodbyes to the Raiders after the Lions announced a deal that would bring the cornerback to the team.

But Melvin's farewell to the Silver and Black was a bit of a sad one. Melvin said he felt as though he cheated the fans:

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Im thankful for every opportunity God has placed in my life. We all must go through some things to get to what is actually meant for us. I greatly appreciate the Oakland organization for giving me the opportunity to further my career this past season. I respect the raiders organization, I respect the tradition, and I respect the die hard fans that has and will forever believe in raider nation. I feel like I cheated the fans, and organization, and a long list of players that came before me that made the organization what it is. It was always a life time dream of mine to wear the silver and black. It really hurt me that I wasn’t able to be myself, and play the style of play that I know I was capable of playing. To all my guys in that locker room I appreciate you guys for making the year special through everything. I cherish the relationships that were created on and off the field. I respect you guys, and I wish you boy’s the best!! Y’all ball out for the City of Oakland 1 more time or for however long y’all there! Respect!! #22 #raidernation ✊🏾✊🏾

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This, of course, appeared to be more of him not feeling as though he played to his potential. Playing for the Raiders had been a dream of his.

Melvin only started in seven games last season which could be partly why he's feeling the way he's feeling. 

"To all my guys in the locker room, I appreciate you guys for making the year special through everything."

'Stop playing:' Raiders wide receiver Antonio Brown takes jab at Bills

'Stop playing:' Raiders wide receiver Antonio Brown takes jab at Bills

Antonio Brown is now a member of the Raiders -- which means he is not going to play for the Bills despite some strange rumors he would be Buffalo-bound.

So, naturally, Brown made sure to put a reaction on Instagram to double-down on this:

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Stop playing #FakeNews #Historical

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"Stop playing."

This is in addition to him saying it was "Fake news" at the beginning of the month: 

And anything sports-related and bring Drake into the mix is very much appreciated.

It appears Brown is more than happy with his decision to sport silver and black.