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Lott Group responds to Raiders developments

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Sands Casino owner Sheldon Adelson has pulled out of the Las Vegas stadium deal, which has now put the Raiders and the city of Las Vegas in a tough situation.

With Sands casino owner Sheldon Adelson out of the Las Vegas stadium project, the effort to build a stadium in Oakland arguably has gotten a boost.

And Ronnie Lott and company appear to be ready to seize on it.

“We stand ready to work with the team and NFL to keep the Raiders here at home,” the Lott Group said in a statement. “We have the land available at the existing Coliseum site following the actions of the City of Oakland and Alameda County last December. We have a strong financing partner in Fortress Investment Group. We have an additional $100 million due to the NFL incentive to keep the Raiders in Oakland. And of course, we have the best fans in the world right here in the heart of Raider Nation. Add to all that a diverse and fast growing community, a top 10 television market, and more Fortune 500 companies than any region in the western United States. Bottom line, if the Raiders want to stay in Oakland, we are more than ready to be a partner in making that happen.”

The proposal made by the Lott Group and supported by the City of Oakland has been regarded as political cover. If the Raiders ultimately run into a brick wall in Las Vegas, maybe the proposal becomes something other than that.

The Raiders have Goldman Sachs in position to replace Adelson as a partner in Las Vegas for funding purposes. However, the team also needs someone who will be able to build and operate a stadium.