Oakland, Alameda County officials to vote Tuesday on Raiders stadium term sheet

In what is likely the last chance to keep the Raiders in Oakland, both the Alameda County Board of Supervisors and the Oakland City Council will vote Tuesday on a proposed term sheet to build a $1.3 billion stadium at the Coliseum.

Specifics of the term sheet offered by the investment group led by NFL Hall of Famer Ronnie Lott and Fortress Invesement Group were released Friday morning.

Tuesday’s likely approval of the term sheet by both governmental parties allows them to begin negotiating the financials of potentially building a new stadium at the existing Coliseum complex.

READ: Entire Coliseum term sheet

As part of the proposed term sheet, the city and county will pledge up to $200 million toward infrastructure costs related to building the new stadium. Lott, the NFL, and the Oakland Raiders (if they agree to joining the group at a later date) will foot the cost of constructing the actual stadium, in addition, to any cost overruns.

Neither Lott’s group, the NFL, the Raiders, nor the project will be not be responsible for paying off the Coliseum’s existing debt.

The discussion next Tuesday, starting at 9:30 a.m. at the Board of Supervisors chambers in Oakland; 5:30 p.m. at Oakland City Hall, also includes entering a one-year Exclusive Negotiating Agreement between the city, county, and the Lott investment group.

Raiders owner Mark Davis, however, is publicly seeking relocation to Las Vegas after legislators in Nevada approved a $750 million public subsidy to build a new stadium on the Vegas Strip.

Time is of the essence as NFL owners are scheduled to meet days after the city and county vote on the Lott term sheet. NFL owners will also meet in January where Davis is expected to file for relocation to Las Vegas.

But the existence of a credible stadium plan in Oakland may scuttle any push for moving the team to Las Vegas. In addition, to institutional skepticism toward any sports franchise basing its operations in the gambling mecca of the United States, NFL bylaws prohibit teams from relocation when a viable stadium plan exists in its current city.

Categories: Alameda County, Alameda County Board of Supervisors, coliseum, Fortress Investment Group, Mark Davis, NFL, Oakland, Oakland City Council, Raiders, Ronnie Lott

4 replies

  1. By MW:

    So the PRESENT estimates are over one billion dollars, and according to this article supposedly ONLY 1.3 Billion dollars.

    And also, AND SUPPOSEDLY, the Raiders, the NFL, and Ronnie Lott's Group will take care of any cost overruns. And when is the last time a major project that had government involvement did not have huge cost overruns!!!!

    For example, the new Bay Bridge was supposed to cost ONLY 800 million dollars, but is now already over seven BILLION dollars, and it is still not done, and and will quite likely fall into the Bay during the next major earthquake.

    And I am confident that Nate Miley is strongly in favor of this latest boondoggle, nonsense, and insanity to build the Raiders a new stadium, and when was the last time Nate Miley was right about anything!!!

    In fact, I wish Miley would become an advisor on which stocks to buy and sell, since the best way to make big money in the stock market would be to do the exact opposite of anything Miley recommended.

    And let's not forget how the Raiders returned to Oakland. In other words, Miley and the rest of the mental retard local politicians, and including on the AC Board of Supervisors, put together a package they “knew” would make the whole thing a financial “success.” However, and predictably, it was a huge financial disaster.

    But I have a much better idea in regard to how we residents of Alameda County can spend our money. Let's get together 1.3 billion dollars, or 1.3 trillion dollars, or however much it would take to get our present batch of demagogue and bloodsucking leech politicians to agree to leave the country and never come back.


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