When a loan is forgiven (or written off) it's the same thing as if someone gave you the money. In this case, the loan was for $200 million. When Alameda County wrote off the loan because the Raiders did not pay them back, the Raiders needed to record to $200 million as income. You cannot have it both ways: either pay back the $200 million plus interest or pay the government taxes on $200 million.
Araxie Grant attended UNLV. She was working for the MOB Museum before she got hired by the Raiders in December 2019. She says that she would never do participate in anything illegal or unethical. The CFO, Ed Villanueva, has been at the Raiders for 18 years. He must have known about the bad debt. It looks as if Villanueva deliberately withheld valuable financial information from his own controller whom they hired and fired from Las Vegas.
Mick Ackers goes out of his way to try to discredit Las Vegas Locally
Las Vegas Locally has a huge following on Twitter. People look to her to share the scuttlebutt of what's happening in Las Vegas. She Tweets very positive reports about concerts, new projects, restaurants, weed dispensaries and casinos. But once in awhile she Tweets something controversial about a scandal. Last week was one of those scandals when 4 Raiders execs suddenly got fired. The President, the CFO, the Comptroller and the SVP of Strategic Development were let go when the company discovered the Raiders failed to report $200 million of income to the I.R.S.. That's a BIG EFFING "NO-NO".
These were the only two tweets from Mick Akers at the Las Vegas Review Journal regarding the departures or the accusations of unethical business practices. Mick uses his verified blue check mark on Twitter to squash any negative news about the Allegiant Stadium or the Las Vegas Raiders. This time, he literally called out Las Vegas Locally, Mike Ozakian from Forbes. MSN, Mike Fiorio, NBC Sports and Yahoo! Sports of spreading false information. Mick did not follow up to write a story for the reason for the departures. We can assume he's waiting for the Raiders' PR team to tell him what to publish in the Review Journal.
Here are the facts:
The Las Vegas Raiders attempted to hide $200 million worth of income from the I.R.S. They took out a loan from City of Oakland for $200M in 1995. They never paid it back. The City of Oakland filed suit but lost. In 2013, Alameda County declared the Raiders loan as an "unrecoverable debt" and wrote off the $200 million. The Raiders tried to hide that debt/income $200 million from the I.R.S. and presumably the Bank of America because they did not have enough money to build a stadium. They got a loan from BofA. Clark County (Las Vegas) had to loan the Raiders $750 million to build the stadium. In order to pay back the loan, Las Vegas locals voted to tax the tourists who stay in hotels on the strip or anywhere on Clark County. As a side note, the Jedi have paid more towards the Allegiant Stadium than Mick Akers or any other blogger, journalist, anchor or TV reporter in Las Vegas. They all voted to tax the tourists.
The story broke from Front Office Sports and Forbes. No journalist or news station in Las Vegas has covered the story as of yet.
The C.F.O. has been the Raiders CFO for nearly 19 years. Araxie Grant resigned last month as the Raiders' comptroller. Ms. Grant stated, "I am someone who lives by high standards of ethics and integrity,” she said. “As a CPA, I have never, and would never, participate in unethical accounting practices, or compromise my professional responsibilities in any way."
My father was a C.P.A. He taught me the same thing. You cannot do anything unethical, especially in business. But a President and a VP of Strategic Development do not operate under those same principles. And the C.F.O., Ed Villanueva should have known better. This is basic tax stuff. Ed could have been a whistleblower but he chose to accept a paycheck from Mark Davis instead. Now, Mark Davis made Ed the fall guy.
Las Vegas has a media machine to lure investors, tourists and home buyers to Las Vegas. Here's how it works:
The Jedi first learned the viciousness of this ,machine when they tried to hide a $200 mistake that was made at Allegiant Stadium. The original budget for the stadium was $1.8 billion. But when 1/2 the trusses were mounted with parts built upside down, they had to bring in another million dollar crane while they figured out a solution. They worked overtime to catch up. But instead of reporting that a roof truss had to be unmounted, the Review-Journal said the Raiders were adding new luxury suites. Casino.org picks up the story and the public forgets about the $200 million in overruns. The new budget was suddenly $2 billion with NO EXPLANATION from the Review Journal.
Here's how the Raiders tried to hide $200 million from the I.R.S.
In 1995, the Raiders took out a loan for $200 million from the City of Oakland / Alameda County. They stiffed them. After nearly 20 years, Alameda County wrote off the loan as an "unrecoverable debt" in 2013. Then, Mark Davis starts talking to Steve Sisolak about moving to Las Vegas. Steve said, "If the Raiders move to Vegas, then you won't have to pay that high California income tax anymore plus we will give you contraction loan of $750,000,000!".
Like a casino, Steve didn't do a thorough credit check otherwise he would have found out that the Oakland Raiders stiffed the City of Oakland and Alameda County for $200 million. They got the $750 million from the tax payers and they built the stadium,.
That's must have been the deal Steve Sisolak made with Mark Davis. Davis thought hey- if we move to Vegas, we won't have to pay back the City of Oakland and we can get the City of Las Vegas (Clark County) to loan us $750 million for a new stadium.
How did Steve Sisolak get the voters to approve of $750 million tax on the casinos?
Sheldon Adelson, owner of the Venetian, also bought the Review Journal. Instead of using the Review-Journal to investigate the Raiders, the Review-Journal convinced the taxpayers to add a .88% tax to every hotel guest