Since the Vegas Golden Knights Owner welcomed the Las Vegas Raiders into town Bill Foley seems to have a bitter taste in his mouth on how thing went down. For Foley he feels that the $750 million in public funding from the increased room tax could be spent on more important issues for the Vegas Community.
The price tag that would be required to build the new stadium that will house the Las Vegas Raiders is projected at a $1.9 billion dollar expense.
In an interview session Foley had with San Jose Mercury News Daniel Mano he voiced where the $750 million should have been designated to.
“I felt like there were a lot better ways to spend $750 million than bringing the Raiders to Las Vegas,” said Foley, the Golden Knights chairman and CEO.
The move by the NHL to bring professional sports to Nevada’s thriving metropolis was an idea that come to mind back in 1999 by then Mayor Oscar Goodman but at the time there were problems that came into play that prevented such a move.
Those problems was that the city lacked an arena that would meet league standards, an ownership group with stability in place, to of course probably one of the most important things a stable marketplace with the support of the community.
Fast forward to today and those are not a problem anymore. The city has a state of art facility in T-Mobile Arena that is located behind the New York New York Casino and Resort, a stable ownership group lead by Bill Foley along with minority owners in the Maloofs Family and finally a marketplace worthy of supporting a professional sports organization.
Even though Foley initially welcomed Raiders Owner Mark Davis and the organization to Las Vegas in an official statement he still felt the need to speak on behalf of the citizens of the community.
It’s no surprise that cities across of the United States are going thru some hard times in terms of financial stability. All cities and towns operate on some sort of a budget that allows them to function as well as be able to accomplish tasks and objectives they made commitments to their constituents.
“We could spend it on police, firefighters and teachers and have them all be the best in the country. But I guess we’re going to spend it on the Raiders. If I had complete control of the situation, I would not have opted to have the Raiders come here. But I didn’t, so I welcome them.” said Foley, the Golden Knights chairman and CEO
For the Vegas Golden Knights and MGM Resorts International they came together with an equal partnership and built the beautiful T-Mobile Arena that houses 17,500 hockey fans during game nights without the use of public funding.
Golden Knights owner Bill Foley management to get his team’s new home funded privately at a $375 million dollar price tag which is a fraction of the cost of the 65,000 seat Raiders stadium.
So you can understand the displeasure in Foley’s stance on how the Raiders stadium will be paid. However for the NFL things are much different in how their buildings are funded which is reason why Mark Davis needed to get money from the room tax increase, the $650 million dollar loan from Bank of America and the $500 million from the Raiders.
As highlighted in the Vegas Golden Knights Will Have Some Company piece the hockey team has a three year window in establishing themselves within the community as well as growing the game with the youth hockey programs, clinics, to high school leagues similar to how the San Jose Sharks and Anaheim Ducks do in their marketplaces.
The Raiders are projected to play their season in Las Vegas in the 2020-2021 season.