With the bell tolling for Oakland’s football future, the race is on to put a viable stadium proposal on the table. Or at least to act like a viable stadium proposal is on the table.
Oakland has announced the details of a stadium plan that would keep the Raiders from moving to Las Vegas or, in theory, Los Angeles. But the lengthy release regarding the details of the stadium plan is devoid of actual, you know, details.
“This term sheet agreement puts Oakland in the running to keep the Raiders in a way that is responsible to the team, the league, the fans and the taxpayers,” Oakland Mayor Libby Schaaf said in the press release. “Everything the City and County and the investor team is doing is about putting forward the best offer to encourage the Raiders ownership and the NFL to keep the Raiders in Oakland, where the team belongs.”
The term sheet agreement to which Schaaf referred hasn’t been disclosed yet. Instead, the press release lists the following “key elements” of the plan: (1) “an economically viable proposal that can keep team in Oakland and Alameda County with no taxpayer monies, but instead the use of the Coliseum land”; (2) “a professional group of investors to develop the stadium and other associated mixed-use projects to support cost of stadium”; (3) “the creation of a major Grand Central station-like development around the property that incorporates and enhances the use of the BART station”; and (4) “a location for a new Oakland A’s stadium should the Major League Baseball team determine it wants to remain at the Coliseum site.”
So how much will the stadium cost? How much will the Raiders and the NFL pay for it? How big will it be? How will the revenue be generated and shared?
Most importantly, will the people providing the private financing that will bridge the gap between the team and league contribution expect to buy a piece of the team — and if so, how much?
The press release answers none of those questions.
According to the press release, the County of Alameda will hold a public hearing and vote at 2:00 p.m. ET on Tuesday, Dec. 13, and the Oakland City Council will hold a hearing and vote at 9:30 p.m. ET on the same day as part of an expedited financial development proposal and exclusive negotiation agreement.
The timing isn’t coincidental; NFL owners will meet the next day, and at that time the league office is expected to make a proposal that extolls the virtues of keeping the Raiders in Oakland.
There’s currently no reason to believe the Raiders will be interested in the proposal. Owner Mark Davis has at no time deviated from his intent to move to Las Vegas, explaining that the folks in Nevada stepped forward and crafted a viable plan at a time when Oakland couldn’t or wouldn’t. It would be a surprise if the formal proposal changes his mind.