ONN – NFL Gives Oakland Raiders Debt Waiver For $378 Million Relocation Fee Due To Las Vegas Stadium Cost
There was, as usual with NFL stadium, financial, and technical issues, a major media misunderstanding regarding the NFL’s waiver of debt for the $378 million relocation fee.
As per the NFL in past conversations, the relocation fee is actually paid in installments over a five year period, so it starts off as an amortized debt, anyway. But the Oakland Raiders can’t afford to pay that $75.6 million annual cost for the next five years because they don’t have the money, and so sought permission to borrow it.
The Oakland Raiders have resolvable revenue problems in Las Vegas resulting from the fact that as of this date, only nine of a needed minimum of 12 founding partner sponsors that Raiders President Marc Badain has said are needed, have been secured.
In addition, the delay of the $30 million founding partner sponsorship with the Southern Nevada Water Resources Authority signaled two problems: first, that no private sector company would agree to such a payment and thus become the 10th founding partner sponsor, second, that the private market was so dry, the Raiders had to go to a public organization.
Such a situation is not common with NFL Stadiums. Normally, the founding partner sponsor is a private sector company, and at that, a fortune 500 firm. But in the case of the Las Vegas Bound Oakland Raiders, they’ve only been able to sign up three large nationally-known companies: Allegiant Airlines, Cox Communications and Caesar’s Entertainment. The other organizations have been regional firms.
By contrast, the Atlanta Falcons have secured Sun Trust, Mercedes Benz, Coca Cola (not a regional bottling company), AT&T, Equifax, Home Depot, National Cash Register, American Family Insurance, SCANA Energy, IBM, and Georgia Power, as founding partner sponsors. That’s a list the Raiders can only dream of matching – and that’s the problem.
The Raiders sponsorship effort is hampered by two things: being in the 42nd largest media market in America, and a rush to build the stadium using a difficult time frame. The Raiders don’t have all of the sponsor money needed, and have faced a mechanics lien lawsuit already (that they say have been taken care of).
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