Oakland Mayor Libby Schaaf said Tuesday the city has reached a framework agreement with a group for a new stadium to keep the NFL Raiders from leaving town.
"The mayor said this a.m. there is a framework that that has been agreed upon and now in closed session today (county) and closed session on November 29 (city council)". "Both bodies will review so we know if we can move forward".
Mayor Schaaf's office announced that it had reached a framework agreement on Tuesday with a group of Raiders representatives led by former Los Angeles Raiders player Ronnie Lott.
The Bay Area city has struggled to find a way to keep the pro football team without putting too much financial burden on taxpayers.
The Raiders are the only team in the NFL still sharing a home stadium with a Major League Baseball club, the Oakland A's. Either eight or more of the remaining 31 National Football League owners can withhold approval for Davis to move, or his stadium financing plan ($750 million from the state, already earmarked, $650 million from casino owner Sheldon Adelson, who is sounding hinky about the deal, and $500 million from Davis, the National Football League and other sources) collapses.
The Raiders have not said they are ready to leave Oakland but it is one of the worst-kept secrets that Las Vegas is making its pitch to lure the Raiders away. It would then go to the Oakland City Council on November 29, if it passes.
Schaaf has long opposed spending public money on a new stadium for the Raiders.
"This is one small step in a complicated deal", Schaaf said outside City Hall.
The deal does include the Raiders' participation. Raiders owner Mark Davis has pledged only $500 million toward construction of a new stadium but has estimated the construction cost to exceed $1 billion.
What are Lott and his partners getting out of this?
Also, the NFL's TV ratings have plummeted this year and the league already is in some questionable media markets-would 24 owners be thrilled about the Raiders moving from a top-10 market to 40th-ranked Las Vegas? She says the group has enough money to bankroll a new stadium.
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