With all the information, or that lack thereof, coming from Oakland with regard to the stadium plans, there was not a lot of optimism about the latest proposal. That lack of optimism has been met with downright cynicism today when details about the plan have surfaced.
The proposal is officially confidential, but it became available to the Bay Area News group who shared it with Marc Ganis, president of the consulting firm SportsCorp Ltd. and a veteran of numerous NFL stadium deals, including the one that brought the Raiders back from Los Angeles.
"This is not just the worst stadium proposal I've seen," Ganis said. "It's the worst by far."
The proposal was made by Floyd Kephart, who is heading up New City Development LLC. His task was to find a way to fund the project without any public funding, which Oakland and Alameda County have said is not an option due to the public still paying off the $100 million renovations to O.co from 20 years ago.
According to the report, the financing for the Raiders stadium would primarily come from the Raiders, including requiring Mark Davis to sell 20% of the team to New City LLC for $200 million.
The overall Coliseum City project per the proposal is an estimated $4.2 billion. You can see detailed funding of the project here.
The stadium itself will cost an estimated $900 million. The Raiders were already prepared to provide $300 million -- $200 million from seat licenses -- and the NFL was ready to contribute $200 million. That left a $400 million funding gap.
Along with proposing the Raiders sell 20% of the team to the development company, New City would purchase most of the land on which the Coliseum would site for $116 million and the city of Oakland would lease that land to the Raiders for $250,000 per year.
Keep in mind, any deal proposed must be more attractive to the Raiders than the one they have currently in the works in Southern California. That deal is for a shared $1.7 billion stadium in Carson with the Chargers, who could still move even despite receiving a public subsidy offer that has not been offered to the Raiders.
"I can't think of any sports team owner that would take a proposal like this even remotely seriously," Ganis said. "It's so one-sided and so bad, that it's almost as if local leaders are saying 'we can't really do anything, so go ahead and leave.' "
This comes on the heels of A's owner Lew Wolff saying he doesn't want Kephart "telling the A's what to do." Wolff also said he was unwilling to share the coliseum site with the Raiders. And since the A's in the 2nd year of a 10-year lease with O.co Coliseum, they present a major stumbling block as well.
In the end, it may not matter, because this proposal can't be acceptable to Mark Davis and the Raiders either. After waiting all offseason to see plans materialize, it looks dead on arrival, which means it's time to start looking for backup plans.