Oakland tries to sway Raiders back with new stadium plans
The Davis family has had a rocky relationship with the city of Oakland. First, Al Davis moved the Oakland Raiders team from its Bay Area home to Los Angeles in 1982, only to move back in 1995.
Current owner Mark Davis, Al’s son, has been trying to find a new home for his team for a while, not satisfied with the current Oakland Alameda Coliseum. He has entertained offers from Los Angeles, and most recently and quite probably, Las Vegas.
Oakland is hoping that they can keep the team from moving again with a new $1.25 billion, 55,000-seat stadium at the site of the current Coliseum, according to reports in the San Jose Mercury News and the East Bay Times. The deal, a mix of private money from former Raider and 49er Hall of Famer Ronnie Lott’s investment group and $200 million in city-backed money, could also include room for a new ballpark for the Oakland Athletics and a large commercial development. The money would help improve infrastructure and could bring retail and office space, as well as hotels.
Davis has said he is committed to moving the team to Las Vegas, and hasn’t commented on the new plan in Oakland. NFL owners still have to approve any move, and they would have the final say on what happens. Apparently, the city and local county will negotiate whether to lease the property – which is estimated to be worth $150 million – to Lott and his Fortress Investment Group for up to 99 years or sell it to him.
City and county officials are expected to approve the term sheet and exclusive negotiating agreement to start hashing out details of the deal before owners meet early next year to potentially vote on the move, according to the Mercury News. Then they will have to try to talk Davis into not moving, or get at least nine NFL owners to reject the move.
“This is bigger than all of us,” said Lott 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.”
Oakland mayor Libby Schaff weighed in as part of a press release. “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. 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.”