A pair of votes on Tuesday allowed a plan for a new Oakland Raiders stadium in Oakland to move forward, but a deal is still far from assured.
As noted here on Monday, the City of Oakland and the Alameda County Board of Supervisors were to conduct separate votes on a proposed redevelopment of the Oakland-Alameda County Coliseum site. The project calls for a football-only stadium for the Raiders, along with additional development. Hall of Famer Ronnie Lott and his development team, as well as the Fortress Investment Group, would back the project, which also includes contributions from the Raiders, the NFL, and the City of Oakland.
Ultimately both governing bodies approved the term sheet, with the City of Oakland giving it a 7-0 nod and the Alameda County Board of Supervisors moving the plan forward by a 3-1 margin (one member abstained). This, however, does not assure that the project will come to fruition, as the Raiders are still weighing their options in Las Vegas. More from The San Francisco Chronicle:
At this point, there’s no guarantee the stadium offer will be enough to keep the Raiders in Oakland. Raiders owner Mark Davis has expressed a commitment to move to Las Vegas, which has offered a stadium deal totaling $1.9 billion — $750 million from an approved hotel tax, $650 million from casino billionaire Sheldon Adelson, and $500 million from the Raiders and the NFL.
The Raiders are eligible to move beginning Jan. 1; 24 of 32 NFL team owners would need to vote to approve the relocation.
The deal in Las Vegas is not complete for the Raiders, who, along with the NFL, met with Oakland project officials on Monday. In the aftermath, NFL executive vice president Eric Grubman expressed some concerns about the proposal to USA Today:
“I think the intentions are good,” NFL executive vice president Eric Grubman told USA TODAY Sports at the league meetings Tuesday. “But I don’t think there’s been any progress that suggests a breakthrough anytime soon.”
Grubman said a friendly meeting Monday to discuss the term sheet in San Francisco lasted roughly 90 minutes with representatives from the investor group — managed by football hall of famer Ronnie Lott and the Fortress Investment Group — as well as non-elected Oakland and Alameda County officials, the NFL and the Raiders, but not team owner Mark Davis.
There is no deal on the table for the team or league to consider right now, Grubman said, adding there are parallels to past failed efforts involving a Raiders stadium proposal and a private investor, including businessman Floyd Kephart last year.
“And I dare say if you pull up the descriptions of what the agreement was with Mr. Kephart when they entered into it and then the problems that ensued, it is a carbon copy of what they’re about to enter into today and the problems that are likely to ensue,” Grubman said.
Even with the questions surrounding the project, Oakland officials wanted to move the plan forward to better position the city in its bid to keep the Raiders. The team is still negotiating to complete the final terms of their deal in Las Vegas, and a potential relocation could by approved by the league as early as January if a proposal in on the table.
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