Tuesday, October 11, 2016

Nevada state Senate approves Raiders stadium package

RAIDERS | The notion of the Las Vegas Raiders gain a few yards toward the goal line Tuesday night. The Nevada state Senate approved tax legislation that includes financing for a new $1.9 billion stadium that one day might house the vagabond NFL team.

Nevada state senators approved the $750 million financing bill, 16-5. A two-thirds majority was needed for passage to the state Assembly.

The bill calls for steering a county hotel tax toward construction of the proposed domed stadium in downtown Las Vegas. The public subsidy, which would also fund a proposed convention center, is believed to be largest in sports history.

The vote in the Assembly is expected later this week. Although, the bill is expected to pass the Nevada Legislature and likely await Nevada Gov. Brian Sandoval's signature, other hurdles exist. Namely, whether 24 NFL owners will allow the Raiders to relocate sometime in January.

Meanwhile, Sports Business Daily reported Tuesday that the NFL may not be keen on losing the now lucrative East Bay market. NFL officials, according the report, have raised the possibility of becoming the developer for a new stadium in Oakland.

Oakland Mayor Libby Schaaf reiterated Monday that the city will not use public funding for a new stadium, but is amendable to footing the bill for infrastructure related to the stadium. She also refuted a statement made the same day by Major League Baseball Commissioner Rob Manfred suggesting Oakland officials favor the Oakland Athletics' search for a new ballpark over the Raiders quest for a stadium in the East Bay.


By MW:

Hopefully Schaaf will not change her mind on this, and including since even if the city decides to make an effort to keep the team, it would still be financial suicide to make more than a moderate effort - AND STILL FURTHERMORE, THE ULTIMATE FOOLISHNESS FOR OAKLAND WOULD BE TO GET IN AN ALL OUT BIDDING WAR.

In other words if Las Vegas, or any other city, is willing to pay far more than the deal is worth, than it would be absurd for Oakland to try to outbid the other competitors for the team.

In fact, it kind of reminds me of some car auctions I have been to in which both Mr. A and Mr. B are determined to show everybody how tough and wonderful they are, so therefore they get in an all out bidding war for a car in which the "winner" ends up paying drastically more than the car is worth.

And when I myself have been at auto auctions and seen a car that I was interested in, if another bidder was absolutely determined to keep on bidding on that car, and no matter how much it cost to "win," I then dropped out of the bidding and let him "win," since I had no intention of drastically overpaying just so I could say to everybody that I beat the other bidder.

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