Raiders Begin Process For Vegas Stadium NFL Owners Approve Raiders Relocation Oakland Pol Wants Raiders Out Of Coliseum Jerry Jones Instrumental In Raiders Vote Golden Knights Owner Welcomes Raiders To Vegas Lakers' Jim Buss Resigns As Co-Trusteee Chargers Sell Out Of Season Tickets For Next Year Ravens Could Invest In E-Sports Within A Year Source: Raiders Stadium Will Cost $200M Less Owners Set To Approve Raiders' Vegas Move?
LOCAL LAWMAKERS CLEAR THE WAY FOR RAIDERS $85M MOVE
Published July 11, 1995
City and county lawmakers are poised today to approve an $85M deal that will return the Raiders to Oakland, according to the OAKLAND TRIBUNE. Stacey Wells and David Li report questions about the deal emerged over the weekend, when city councilmembers and Alameda County supervisors began to "puzzle" over an "inch- thick" stack of lease documents released by city officials late Friday. But City Councilmember Ignacia De La Fuente predicted Monday the deal will be passed unanimously. De La Fuente: "In the best of all possible worlds, we would have got the information earlier" (OAKLAND TRIBUNE, 7/11). The two groups are expected to formally authorize the issuance of bonds to pay for renovations and a relocation loan today, according to the S.F. CHRONICLE. Items in question include 100 tickets controlled by Coliseum officials who would not have to pay the up-front PSL fee (Peter Fimrite, S.F. CHRONICLE, 7/11). THE TAXMAN CALLETH: Attorneys for the IRS told a U.S. Tax Court that the Raiders have failed to pay income taxes on at least $17.9M in payments and had wrongfully taken a $400,000 deduction for a "bad debt" in the '80's, according to the L.A. TIMES. The attorneys noted the Raiders said most of this money was taken as a loan and not acknowledged as income. With interest, the Raiders could be liable for as much as $20M. Kenneth Reich notes a decision not expected "for months" (L.A. TIMES, 7/11). Raiders Owner Al Davis defended himself against the allegations. The IRS claims that the $6.7M Davis reecived from the L.A. Memorial Coliseum from '82-86, $10M from Irwindale in '87, and $1.2M in damages from Oakland in '88-89 should "have been treated as income." Davis' attorneys argued that the money could be treated as loans "because the team had every intention of paying the money back once" it built skyboxes in L.A. or a new stadium (Barry Witt, SAN JOSE MERCURY NEWS, 7/11). A'S GET AN OUT: The Coliseum Board reached a decision which would allow the new A's owners, Stephen Schott and Kenneth Hoffman, to end their lease at the end of the '98 season. The lease originally runs through 2004. The proposal needs approval from county and city officials (Sandy Kleffman, SAN JOSE MERCURY NEWS, 7/11).