If Oakland Raiders Don’t Sell $250 Million In Las Vegas Stadium PSLs, Who Pays?
I have asked this question of the Las Vegas Stadium Authority, but just like the stadium hotel room tax issue Jeremy Arguelo told me I was wrong about, the LVSA’s blowing off this one too: what happens if the Oakland Raiders do not raise $250 million?
THIS IS A BIG DEAL, and because the Raiders claimed “We have $500 million: $200 million in an NFL Loan, $250 million in PSLs.” Well, guess what? If you read Senate Bill One, there’s no language that ties the Raiders to making up any gap between less than the $250 million in PSL sales. Plus, the PSL Marketing Agreement has the Stadium Authority “reembursing” the “PSL Agent” for marketing expenses. Well, the PSL Agent is also TeamCo in the documents – and TeamCo is the Raiders.
THUS THE RAIDERS get even more public money from the deal that is reported. I’m not making this up. Think about what PSL marketing means. I know what it means, because I had to monitor the Oakland Coliseum PSL sales for the Mayor of Oakland when the Raiders returned to Oakland. The Oakland Football Marketing Association spent money on prime billboard space – that will happen this time. What’s the total cost of that? Ask them. Where will the Stadium Authority get the money to pay back the Raiders? Not the hotel tax – there’s nothing extra because the tax rate is too small!