The Oakland City Council and Alameda County Supervisors will soon hold a public hearing and vote on a term sheet for a stadium proposal designed to keep the Raiders in Oakland, the City of Oakland announced on Friday afternoon.
These actions will occur on Dec. 13, as local authorities attempt to expedite a stadium plan that will prevent the Raiders from being approved to relocate to the Las Vegas market.
Oakland and Alameda County have paired with Fortress Investment Group to create a stadium funding plan that does not include taxpayer dollars. The public will contribute to infrastructure improvements, but stadium construction will come from private sources.
The private investment group is fronted by former NFL players Ronnie Lott and Rodney Peete.
A financial framework, as reported by the San Francisco Chronicle, can be viewed here. More details about this Oakland stadium plan should be released next week.
City and county votes are the next step in creating a plan enticing enough to the NFL that it would pump the brakes on allowing the Raiders to move to Las Vegas.
That is Raiders owner Mark Davis’ stated desire. He has not negotiated with local public officials in some time, pouring focus into a Las Vegas stadium plan that has already received $750 million in public subsidy to construct if the Raiders are given the green light to move.
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There are several complications associated with this deal, most notably that Davis wants no part in it. The NFL is reportedly intrigued by Oakland’s market potential, and generally prefers that teams remain in their home markets.
