Plans for a proposed football stadium in Oakland are expected to move forward, despite the lack of a commitment from the Oakland Raiders.
City of Oakland officials have been working with a private investment group on a plan to build a football-only facility on the Oakland-Alameda County Coliseum site. Some private sector contributions for the $1.25 billion project would come from the investment group, which includes Hall of famer Ronnie Lott, as well as Milwaukee Bucks co-owner Wes Edens and his Fortress Investment Group.
Under the terms that are being proposed, additional funds would come in the form of $200 million from the city, which is chipping in for infrastructure improvements at the site. The Raiders would contribute $300 million, while an additional $200 million would come from the NFL.
A term sheet for the proposal is expected to be approved on Tuesday. However, it remains unknown if Raiders owner Mark Davis will be persuaded by the plan.More from The Mercury News:
In separate meetings on Tuesday, city and county officials are expected to approve the term sheet and exclusive negotiating agreement to begin to hash out details from the “framework” deal with Lott’s Oakland City Pro Football Group, before NFL owners meet in early 2017 to potentially vote on the team’s move.
Next, they’ll have to persuade Davis, who sources has said stopped meeting with officials as his focus shifted to Las Vegas, to resume talks in Oakland or at least nine NFL owners to vote against the move.
Davis has had no input on the Oakland deal.
“This is bigger than all of us,” Lott, a former San Francisco 49ers star who played one season with the Raiders, said in a statement. “This shows what is possible when the Bay Area comes together — community leaders, business, working people, athletes, government officials and fans … we believe we have a fighting opportunity to keep the Raiders here and join in revitalizing the community around the Coliseum.”
On Monday afternoon, NFL.com reported that the Raiders and the NFL were to participate in a meeting that includes Lott’s group and Fortress. Little information is known at this point, but the meeting—which takes place on Monday—could prompt further discussion about the issue at a league gathering on Wednesday.
Davis and the Raiders have reportedly had their sights on a new stadium in Las Vegas, where $750 million in public funds are on the table for a $1.9 billion project. If the Raiders opt to move forward with plans to move to Las Vegas, the NFL and its team owners could render a verdict on the plan as early as January. One of the biggest steps that remains in that proposal is the Raiders’ negotiations with Sheldon Adelson, the billionaire who is contributing $650 million to the Las Vegas stadium project.
Meanwhile, the Oakland plan includes a proposal for MLB’s Oakland A’s, as 15 acres of the Coliseum site development would be set aside for a new ballpark. However, in a statement issued on Saturday, the A’s indicated that they are continuing with a ballpark search in Oakland that is separate from plans to keep the Raiders in town.
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