Today, on the eve of the vote with the City of Oakland and Alameda County regarding the latest stadium proposal, the NFL, the Raiders, and the Lott group are holding a meeting along with Fortress Investments. This according to Ian Rapoport of NFL media.
Last week the City of Oakland announced a $1.3 billion stadium plan that had reached the stage where they would be holding a vote on Tuesday morning. This undoubtedly prompted this impromptu meeting to find out just what these plans entail.
The timing of the stadium vote in Oakland is also interesting as the league is meeting in Dallas on Wednesday where the issue of Raiders’ expected Vegas relocation bid will be discussed.
Mark Davis has had his sights on Las Vegas for the past several months, and the bill for $750 million in public funding for the stadium has been approved.
Davis had said several times that should the funding go through, he was committed to relocating to Las Vegas. But that move is dependent upon league approval.
Should Oakland come up with a viable plan, which they seem to think they have, that could sway the NFL owners to deny the Raiders’ relocation bid.
As has been noted by those familiar with the details of the proposal, there are several areas that have yet to be ironed out. Just how incomplete the deal is will be something the NFL and the Raiders are interested in.
As of right now the basic numbers are $400 million from the Lott group Oakland Pro Football LLC and $200 million from the city of Oakland paid for mostly by the sale of the land upon which the stadium sits.
In Vegas they have $750 million in public funding and as much as $650 million from Sheldon Adelson and LV Sands, but in Oakland the stadium plans come in at $600 million less with the Raiders receiving an additional $100 million from the NFL as a golden parachute for being left out of the LA relocation. If you’re doing the math, that equals out to a max of $100 million difference, so really it comes down to the terms of the deals.
That’s what Raiders brass and the NFL are getting a closer look at today so they know the details heading into those owners meetings.
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