OAKLAND | STADIUM |
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.
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.