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Oakland Approves Long-Awaited Raiders Stadium Negotiation

Two governing bodies in the Oakland area finally approved the start of negotiations for a new football stadium on Tuesday in an effort to keep the Raiders from moving to Las Vegas.

The Oakland City Council and Alameda County Board of Supervisors passed “a nonbinding term sheet for a $1.3 billion stadium plan” according to the San Francisco Chronicle. The council approved 7-0 with one abstention and the Supervisors 3-1 with one abstention.

Ninety-one million dollars in debt still remains on the Raiders current home, the Coliseum according to the report. Alameda County Supervisor Keith Carson, the lone supervisor that voted against the plan, suggested Oakland could buy out Alameda’s portion of the debt.

The votes came just one day after NFL officials, Raiders’ front office representatives, Fortress Investment Group, and an investment group led by former NFL player Ronnie Lott met with city and county officials, according to ESPN. Under one potential Oakland stadium plan, Lott’s investment group would contribute $400 million, the NFL and Raiders would be responsible for $500 million, and the city of Oakland would provide $200 million for infrastructure. On top of that the city would donate a $150 million, 100-acre piece of property. Bonds would be used for the $200 million from the city.

Raiders owner Mark Davis has made clear his intentions to move the team to a proposed $1.9 billion stadium in Las Vegas that Nevada state legislators have approved partial funding for. ESPN reported that the lawmakers approved $750 million in hotel taxes while the Raiders would kick in $500 million, similar to the proposal above from Lott’s group, and Las Vegas Sands Chairman and CEO Sheldon Adelson would cover the remaining $650 million.

The NFL executive leading the relocation issue, Eric Grubman told ESPN, “I don’t see Oakland as competing with Las Vegas.”

The Raiders, Rams, and Chargers were all in the running for a move back to Los Angeles until NFL owners voted to give the Rams the go-ahead to make the move from St. Louis to southern California. San Diego continues to struggle with the Chargers over a stadium plan there, while Oakland didn’t even have a proposal for a new stadium during NFL deliberations over the Raiders possible move to L.A.

Tuesday’s votes came just in the nick of time for Wednesday NFL meetings. ESPN reported that those meetings gave NFL owners market updates from stadium situations in San Diego, for the Chargers, and Oakland, for the Raiders.

The Rams and Raiders each called Los Angeles home until leaving in 1994, the Rams after 49 years, and the Raiders after 14.

The Raiders are eligible to move as soon as January 1 given the support of 24 of 32 NFL team owners.

Follow Michelle Moons on Twitter @MichelleDiana 

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