ALAMEDA, Calif. — In largely a decision of formality, albeit one that reflects the NFL’s continued recognition of the progress and viability of the Raiders’ Las Vegas stadium project, owners have approved a waiver of the league’s $350 million debt ceiling to allow the Raiders to finance all or a portion of the $378 million relocation fee they must pay fellow owners for the right to relocate.
In doing so, it enables the Raiders to finance the relocation fee through a bank to pay it off over a longer period — 25 to 30 years, for instance — rather than pay it directly to the NFL through annual installments over a 10-year period.
The Chargers were granted a similar waiver in 2016 for the $650 million relocation fee to move from San Diego to Los Angeles.
But while the waiver approval was mostly procedural based on previous approval for the Chargers to exceed the debt ceiling to pay off their relocation fee, an NFL source told the Las Vegas Review-Journal on Thursday that the Raiders project is “doing well, and that is recognized by the league.”
The Raiders are preparing to play their final game in Oakland on Sunday against the Jacksonville Jaguars. They finish the season with road games against the Los Angeles Chargers and Denver Broncos.
The Raiders will officially move to Las Vegas after the regular season, but most of their football operations will remain in Alameda until the opening of Intermountain Healthcare Performance Center, their new headquarters in Henderson. Allegiant Stadium is scheduled to open next summer.