UNLV Regents Vote To Kill Athletic Department In Approving Oakland Raiders Las Vegas Stadium Joint-Use Agreement
The. UNLV Regents voted 11-1 to back the Joint Use Agreement with the Oakland Raiders for the planned Las Vegas NFL Stadium on Friday, January 19th.
Very simply, UNLV Athletics faces a situation where it would be charged $1.2 million a year, but not see the assumed $3.5 million a year because 1) it comes from the same problematic stadium tax rate that is causing the Raiders Bond Debt revenue problem, 2) can’t be paid before the Las Vegas Stadium Authority gets its annual $2 million a year from the same source, and 3) The Raiders use the money for Stadium and Operations expenses it failed to pay, and funding of a debt service reserve not to go over $9 million. And while the agreement does day UNLV must get any money not paid to it given at some point in the future, the agreement never says when the future ends!
So the Raiders could not pay UNLV and move the goal posts that represent “The Future”! UNLV got completely suckered in this deal. You can kiss the athletic program’s promise of fiscal health goodbye!