The Oakland Athletics could exercise their right to extend the lease for their planned baseball stadium in Las Vegas for up to 99 years.
In a revised draft lease submitted by the Las Vegas Stadium Authority on Thursday, the A’s would have an initial 30-year lease, with four 15-year options and a final 9-year option after that. In total, it would be a 99-year lease with all options available.
To receive a lease extension, the A’s must meet various requirements to meet the board’s approval conditions. If they fail to do so, the board will give the team a specific period of time to implement a plan to meet the conditions, during which time the lease will be renewed monthly.
The A’s could also choose to buy the stadium at the end of each lease period for its estimated market value, with the first opportunity coming at the end of the original 30-year lease.
The lease is one of four contracts that must be approved by the Stadium Authority, along with an agreement with Clark County and financial requirements that must be met before any public money is allocated to the project. The A’s will transfer ownership of the ballpark and the land it sits on to the Stadium Authority before the team begins playing at the facility, so a lease must be signed.
Stadium Authority Chairman Steve Hill announced that scheduled Stadium Authority meetings on Sept. 19, Nov. 21 and Dec. 12 would be canceled. Work on the three outstanding agreements between the A’s and the Stadium Authority could be done at the authority’s Oct. 17 or Dec. 5 meetings.
“We’re rounding third base and heading home,” Hill said.
A meeting on December 12 is also possible if all three agreements are not approved at the December 5 meeting, Hill noted.
The A’s are responsible for financing all but $380 million of the $1.5 billion project. The A’s plan to use $300 million in debt and up to $850 million in equity from the family of team owner John Fisher, in addition to about $350 million of the $380 million in public funds available. The A’s are also open to bringing in local investors to offset the equity the Fishers would contribute to building the stadium in exchange for a minority stake in the A’s.
The A’s could have their detailed stadium financing ready and present it to the Stadium Board at the October meeting, Hill said.
The 30-year lease is tied to a no-relocation agreement that requires the A’s to remain in Las Vegas for the duration of the lease or face various penalties. The draft no-relocation agreement was submitted in May and is currently being revised. If the A’s were to play at the ballpark after the original 30-year lease expires, the terms of use of the stadium would change from the no-relocation agreement.
The development agreement, which governs the construction and financial details of the ballpark, was introduced last month. The community benefits agreement, which sets out the minimum requirements for the A’s community involvement, was approved earlier this year.
The three remaining agreements would be refined over the next few months with the goal of having them all ready for approval in December, authority chairman Steve Hill said last month.
The A’s will play their last home games at the Oakland Coliseum until the end of September. After that, the team will play at a minor league stadium in Sacramento for three seasons.
Construction on the A’s Las Vegas Strip baseball stadium on 9 acres of the 35-acre Tropicana site is scheduled to begin in April and be completed in time for the 2028 MLB season.
Contact Mick Akers at [email protected] or 702-387-2920. Follow @mickaker on X.
