Oakland mayor Libby Schaaf is trying to put together a deal that keeps the Raiders in town despite their steadfast desire to relocate to Las Vegas.
A broad outline for financing the stadium has been reached, according to the San Francisco Chronicle. The newspaper’s Phillip Matier and Andrew Ross reported on Tuesday night that a funding plan could include $600 million from Lott’s group, $200 million in public funding for infrastructure improvements and $200 from the NFL from its stadium construction loan program.
The Silver and Black haven’t participated in discussions on Oakland stadium prospects, which have been in the news recently.
Former 49ers and Raiders safety Ronnie Lott has been the figurehead of a private investment group with deep pockets, one trying to build a football stadium and ancillary development on the current Oakland Coliseum site.
The deal would also include $300 million from the Raiders, the same amount offered by the team for their coveted Vegas stadium. Again, the Raiders have played no part in these Oakland stadium developments.
It’s being discussed by the Oakland City Council and the Alameda County Board of Supervisors, which must approve any proposal for the use of Coliseum land jointly owned by the city and county.
The plan is being expedited to present directly to NFL owners in time to block, temporarily at least, Raiders relocation to Las Vegas and get Raiders owner Mark Davis to again negotiate with local authorities.
The Raiders have already received $750 million to build a stadium in Sin City, using a plan that also includes significant private investment and a sum from the Raiders and the NFL.
They hope to apply for relocation as early as January 2017, with a possible relocation vote in March.