Reportedly, the organization could be in hot water with the IRS
Just before the start of training camp, former Las Vegas Raiders president Marc Badain retired. The announcement came as a surprise, given the timing and that Badain had been with the Raiders for 30 years. Then, the situation became even more interesting as a handful of other high-ranking front office members stepped away from the organization.
Naturally, rumors started to swirl that the Raiders might be in hot water, and Mike Ozanian, managing editor at Forbes Media and co-host of Forbes SportsMoney, tweeted five days ago that the resignations were tied to accounting issues related to the new stadium.
Ozanian followed up today with the tweet below, stating the organization is facing some tax implications for not properly reporting income.
Breaking: Two NFL insiders have told me Raiders are facing very big tax implications from money not reported as income and this is behind departure of staff recent weeks. #Raiders https://t.co/j0E3X1CILp
— Mike Ozanian (@MikeOzanian) August 19, 2021
Except for thanking the former employees for their service, the Raiders and team owner Mark Davis haven’t released much information on the matter. A couple of weeks ago, long-time NFL Insider Jason Cole reported the organization has hired an outside law firm to deal with whatever issue led to the resignations, which might explain the silence.
Given Ozanian’s and Cole’s reports, things could get ugly for Las Vegas. However, there is still very little information on the matter so the severity of the issue is still in question.
Silver and Black Pride will continue to monitor the situation and provide updates as they become available.
UPDATE [8/19/2021 3:54 pm]: Daniel Kaplan, sports business reporter for The Athletic, is now reporting that the issue that led to the Raiders’ executives resigning is because of overpaid taxes.
The issue with the Raiders that led to the staff departures was not because of under paid taxes but because of over paid taxes, a source told me. Been a lot of talk about this in league circles in recent weeks
— Daniel Kaplan (@KaplanSportsBiz) August 19, 2021
Also, Mick Akers of the Las Vegas Review-Journal shared that a source told him the executives’ departures had nothing to do with Allegiant Stadium or public money. Obviously, there is conflicting information about the situation at the moment.
Again, we will continue to monitor the situation and provide updates as more information is provided.
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