There is a plan in motion to build the Raiders a new stadium in Oakland, but it is doubtful whether it will be enough to keep the team from relocating to Las Vegas.
The project would include a new $1.25 billion, 55,000-seat facility to be constructed at the Coliseum site, a large commercial development and potentially a new ballpark for the A’s, the San Jose Mercury News reports.
Under the proposal, the NFL would pay $200 million and the Raiders would fork over $300 million. There would also be $200 million of city-backed money, as well as significant funding from an investment group led by NFL Hall of Famer Ronnie Lott and money-management firm Fortress Investment Group. Public money would not be used to build the stadium.
In separate meetings Tuesday, city and council officials are expected to approve the term sheet and an exclusive negotiating agreement
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But the renewed efforts to keep the Raiders in Oakland may all be moot. NFL owners could vote in early January on the team’s relocation to Las Vegas and Clark County Commission Chairman Steve Sisolak said Raiders owner Mark Davis has already committed to making the move to Nevada.
So the city of Oakland and Alameda County will either have to convince Davis to stay put or nine NFL owners to vote against the move (relocation of a franchise requires the approval of three-quarters of the 32 NFL owners).
Davis has not been involved in the new Oakland proposal, according to the Mercury News report.
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“This term sheet agreement puts Oakland in the running to keep the Raiders in a way that is responsible to the team, the league, the fans and the taxpayers,” Oakland Mayor Libby Schaaf said in a press release. “Everything the city and county and the investor team is doing is about putting forward the best offer to encourage the Raiders ownership and the NFL to keep the Raiders in Oakland, where the team belongs.”
Optimism aside, it may be too little too late for Oakland to keep the Raiders, who appear to have their heart set on Las Vegas.