Ross D. Franklin/Associated Press

The Oakland Raiders have taken their next step in the move to Las Vegas, purchasing 62 acres of land for the stadium, per Richard N. Velotta of the Las Vegas Review-Journal.

The area, next to the Mandalay Bay resort and west of Interstate 15, reportedly cost $77.5 million.

The organization is expected to open the new stadium in time for the 2020 NFL season, although the team might make the move to Nevada by 2019.

In a vote at the March league meeting, 31 of the 32 NFL owners approved the Raiders' relocation plans to Las Vegas. The team is set to build a $1.7 billion stadium, financed partly by the team, Bank of America and $750 million from tax revenues.

The latest financial move takes the team one step closer to completing the relocation from Oakland.