Raiders sell Vegas-area facility for 30 times what they paid for it 2 years ago

Photo of Raiders sell Vegas-area facility for 30 times what they paid for it 2 years ago
Facebook
VKontakte
share_fav

The Raiders just scored a huge victory in Las Vegas, months before they’ll even play a game in their new home.

In a move that raised some eyebrows in Nevada, the Raiders sold their unfinished Henderson, Nev. headquarters and practice facility for $191 million and immediately leased it back, the Las Vegas Review-Journal reported Wednesday.

By flipping the 55.6 acres of land they purchased at a cut rate two years ago from the city of Henderson for about $6 million (about half the property’s value), the Raiders turned a profit of $185 million, more than 30 times what they originally paid for the land.

Anyone else smell a re-launch of A&E’s “Flipping Vegas” with Raiders owner Mark Davis and president Marc Badain taking over for Scott and Amie?

According to Review-Journal findings, Mesirow Financial, a Chicago-based company, bought the Raiders headquarters last Friday and entered into a potential 99-year ground lease agreement with the team — a 29-year initial contract and seven 10-year extension options. There are no public records indicating how much rent the Raiders will pay Mesirow Financial.

As construction on the new Nevada headquarters and practice facility continues, the Raiders are still in Alameda and will train in Napa this summer.

While it remains to be seen whether the Raiders will find success on the field at their new $2 billion Allegiant Stadium, business is certainly booming for them in Vegas. But at what cost? Those in the know in Nevada argue that taxpayers are the ones who really lose in this latest Raiders deal.

We’re guessing there are some Alameda County residents who feel their pain.

view The Mercury News
#las vegas raiders
#raiders
#sports
#real estate
#latest headlines
#nfl
#business
#inside sports