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Report: Raiders close in on stadium deal in Oakland
Posted by Mike Florio on September 3, 2014, 10:06 AM EDT
http://profootballtalk.nbcsports.com/2014/09/03/report-raiders-close-in-on-stadium-deal-in-oakland/
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So much for San Antonio and Los Angeles. The Raiders could be on the verge of striking a deal to stay put in Oakland.
According to the San Francisco Chronicle, the team and the city have reached a tentative agreement on the construction of a new home for the Silver and Black.
“I expect it to be executed soon,” attorney Zach Wassrman said. Wasserman represents the developers of Coliseum City, a sports, housing and retail complex that would be constructed near the new venue.
The Chronicle characterizes Raiders owner Mark Davis as having final say over whether the arrangement will proceed.
The stadium would be built with funds generated by the Coliseum City project, resulting in a reduced (and possibly non-existent) financial obligation for taxpayers. However, the public would be on the hook for the $120 million still owed as a result of the O.Co Coliseum expansion that brought the Raiders back to town more than a generation ago.
So where does the $120 million come from?
“That’s a great question that we will probably not say anything about,” a spokesman for Oakland mayor Jean Quan told the Chronicle.
Land also would be transferred from the city at no charge, but the new stadium — expected to cost between $900 million and $1.2 billion — would be paid for separately.
It’s unclear how this arrangement would affect the A’s, who recently signed a 10-year lease to play at a place that will be blown up, sir if/when the deal goes through.
So this one is far from being resolved. But at least it shows that progress has been made to keep the Raiders from leaving town, again.
Posted by Mike Florio on September 3, 2014, 10:06 AM EDT
http://profootballtalk.nbcsports.com/2014/09/03/report-raiders-close-in-on-stadium-deal-in-oakland/
So much for San Antonio and Los Angeles. The Raiders could be on the verge of striking a deal to stay put in Oakland.
According to the San Francisco Chronicle, the team and the city have reached a tentative agreement on the construction of a new home for the Silver and Black.
“I expect it to be executed soon,” attorney Zach Wassrman said. Wasserman represents the developers of Coliseum City, a sports, housing and retail complex that would be constructed near the new venue.
The Chronicle characterizes Raiders owner Mark Davis as having final say over whether the arrangement will proceed.
The stadium would be built with funds generated by the Coliseum City project, resulting in a reduced (and possibly non-existent) financial obligation for taxpayers. However, the public would be on the hook for the $120 million still owed as a result of the O.Co Coliseum expansion that brought the Raiders back to town more than a generation ago.
So where does the $120 million come from?
“That’s a great question that we will probably not say anything about,” a spokesman for Oakland mayor Jean Quan told the Chronicle.
Land also would be transferred from the city at no charge, but the new stadium — expected to cost between $900 million and $1.2 billion — would be paid for separately.
It’s unclear how this arrangement would affect the A’s, who recently signed a 10-year lease to play at a place that will be blown up, sir if/when the deal goes through.
So this one is far from being resolved. But at least it shows that progress has been made to keep the Raiders from leaving town, again.
