City of Oakland Unveils Plans for $1.25B Stadium

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OAKLAND -- A long-awaited plan to stop Las Vegas from plucking the Raiders out of Oakland emerged Friday a $1.25 billion, 55,000-seat stadium at the Coliseum site as part of the proposed deal that could also make room for a new As ballpark as well as a large commercial development.

A mixture of private money from Hall of Famer Ronnie Lotts investment group and $200 million in city-backed money no county money will be used to improve infrastructure could also bring office and retail buildings and hotels to the aging home of Raider Nation.

But whether it will be enough to stall the teams Vegas dreams remains to be seen. Raiders owner Mark Davis, who has said previously he is committed to the plan unfolding in Nevada, could not be immediately reached for comment Friday. And NFL owners, who must approve any move, would have the final say.

A source familiar with the projects funding said $200 million would come from the NFL and $300 million from the Raiders, which includes $100 million the league promised the team after its failed move to Los Angeles. The rest is from Lotts group and money-management firm Fortress Investment Group.

The source, who was not authorized to discuss the deal and requested anonymity, said Lott, the city and the county will negotiate whether to lease the property to Lott for up to 99 years or sell it to him. The property is estimated to be worth $150 million, according to a recent appraisal.

None of this matters if three-quarters of NFL owners approve Davis plan to move to Las Vegas, where the state has pledged $750 million to build a $1.3 billion domed stadium. Casino mogul Sheldon Adelson is chipping in $650 million but indicated to Reuters in October that he may walk away from the deal if the Raiders dont change their terms.
 

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