Big money is backing Oakland's plan to redevelop the area around the maligned Coliseum, including financiers from Dubai, according to reports.
Rashid Al Malik, who has worked for "multibillion dollar" interests, and Colony Capital LLC -- which, at $32 billion in investments, is the world's third-largest private real estate firm -- are planning to fund a feasibility study that would examine the prospects of transforming far southeastern Oakland into a new "sports and entertainment complex," the Oakland Tribune reported.
The new partnership for investigating development opportunities at the Coliseum site will be called Bay Investment Group, LLC -- and it will pursue building at least one new pro sports stadium, possibly as many as three, the newspaper reported.
It's that goal that has led some to dismiss Coliseum City as a "pipe dream," according to the newspaper. So far, only the Raiders have publicly backed playing at the site, with a 58,000-person venue.