3 Sticking Points Threaten Proposed Oakland Raiders Stadium Plan As Clock Winds Down On Deal
OAKLAND (CBS SF) -- Time may be running out to keep the Raiders in Oakland if the calendar is any indication.
According to the San Francisco Business Times, Oakland and Alameda County officials have yet to submit questions to the developer proposing a multibillion dollar Coliseum City project, which would feature a new Raiders stadium as the centerpiece of a plan including housing, retail and space for a future A's ballpark.
The report said Friday is the expected day for those questions to be submitted to New City Development LLC, since the New City's exclusive negotiation agreement with the city and county calls for it to respond within 15 business days - and the Oakland City Council normally recesses in August.
Also, National Football League owners are holding a special meeting August 11 to discuss the potential relocation of a team or teams to the Los Angeles market.
The Business Times said adding to the uncertainty is that the city and county and the Raiders have not agreed yet on plans for financing the estimated $900 million stadium nor how the revenue would be split between the city and county and the Raiders.
Here are the three main issues holding up such negotiations:
- A written assurance from the city and county to the Raiders that the land included in the proposal is actually available.
- A commitment by the city and county of public funds to pay for the infrastructure necessary for a new stadium.
- A guarantee that the existing $100 million plus in debt on O.co Coliseum is not transferred to the team or the new facility. That debt stems from renovations made to the Coliseum in the mid 90s to bring the Raiders back to Oakland from Los Angeles.
The Raiders have not yet gotten the assurances needed for them to begin the negotiations, New City's head of the Coliseum City project, Floyd Kephart, told the Business Times.
The team is reportedly willing to part with 20 percent of the team in order to help finance the stadium. But if the Coliseum City project falls through, the Raiders are also pursuing a plan to share a proposed $1 billion stadium in the L.A. suburb of Carson with the San Diego Chargers.
Besides the Raiders and the Chargers, the St. Louis Rams have signaled their intention to explore a move to the Los Angeles market.
