Las Vegas will stump up $750 million in public money to lure NFL franchise the Raiders from Oakland, just a year after slashing state school funding by $14m.

Clark County school officials voted in April 2016 to increase class sizes and were forced to close a school for atrisk students due to there being “no money.”

“This is the last thing we ever want to do,” Linda Young, president of the school board, said at the time.

However, funds have been found to build a brand new stadium after NFL owners approved the Raiders’ move to Las Vegas 31-1 at the league meeting on Monday, with Miami Dolphins owner Stephen Ross being the lone dissenter.

“My position today was that we as owners and as a league owe it to the fans to do everything we can to stay in the communities that have supported us until all options have been exhausted,” Ross’s statement said.

Oakland mayor Libby Schaaf had lobbied and protested to keep the team in the San Francisco bay area, proposing a $600m stadium that was backed by an investment group, as she refused to spend public money on a sports arena.

Taxpayers in Oakland are still paying off $95m in debt left over from the 1995 Coliseum renovation to lure the Raiders from Vegas, where they played from 1982-94.

Schaaf had made it clear that Oakland’s share of the old debt has resulted in $10m a year less for the police, firefighters and other city services.

“I’ve studied the economic impact and it doesn’t warrant a public investment because it doesn’t pay off,” the mayor said of football last week.

Following Monday’s announcement, she said: “I am proud that we stood firm in refusing to use public money to subsidise stadium construction and that we not capitulate to their unreasonable and unnecessary demand that we choose between our football and baseball franchises.”

Interestingly, one segment that will profit from the move will be Raiders employees as there is no state income tax in Nevada, while California’s is among the highest in the US.