Raiders approved to relocate to Las Vegas

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HOUSTON, TX - JANUARY 07: Khalil Mack #52 of the Oakland Raiders walks with teammates to the field before the game against the Houston Texans at NRG Stadium on January 7, 2017 in Houston, Texas. (Photo by Tim Warner/Getty Images)

NFL owners voted Monday to approve the Raiders’ move from Oakland to Las Vegas, according to NFL.com.

The move has been anticipated for months. The Raiders received about $750 million from Nevada taxpayers last year to build a stadium in Las Vegas, and team owner Mark Davis is putting up $500 million. Bank of America has committed to financing the rest.

The stadium, expected to cost $1.9 billion, will open in 2020. The Raiders will stay in Oakland in the meantime.

It will be the third NFL franchise move in recent years. The Rams moved from St. Louis to Los Angeles for the 2016 season, and the former San Diego Chargers will move to Los Angeles for the 2017 season.

CNN contributed to this report