Another $1 billion+ stadium proposal that includes public money

This time in Oakland, in an attempt to keep the Raiders in town. Per the San Francisco Chronicle:

With the clock ticking, Oakland Mayor Libby Schaaf is betting big that a combination of $600 million in private money from Ronnie Lott’s investment group, $200 million in public money and an equal amount from the National Football League will be enough to keep the stadium-hungry Raiders from moving to Las Vegas.

At this point, the deal — which is being shuttled between the Oakland City Council and the Alameda County Board of Supervisors for approval — is just a broad outline of possible funding sources. There has been no input from Raiders owner Mark Davis, who down the road may be asked to sell part of the team to Lott and his partners.

“That’s something they will talk about after the stadium deal gets done,” said one source who is privy to the talks but not authorized to speak on the record.

Davis would be asked to kick in an additional $300 million.

Still unresolved is the outstanding $95 million city and county debt from the Coliseum renovation that lured the Raiders back from Los Angeles in the 1990s, according to a knowledgeable source.

One very interesting aspect of the possible new Oakland arena is that it would only seat 55,000 to 58,000. By comparison, Bank of America Stadium, in which the Carolina Panthers play, seats 75,419. The other option for the Raiders is a move to Las Vegas, where the state of Nevada has already set aside $750 million in hotel tax money to help pay for a stadium for the team should they out to relocate to the state.

Michael Lowrey

Michael Lowrey is a contributor to Carolina Journal and a policy analyst for the John Locke Foundation. Lowrey has written numerous articles for the foundation on topics su...

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