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COLISEUM PROJECTIONS PAINT A ROSY PICTURE -- ARE THEY LEGIT?
Published August 25, 1995
Under a court order obtained by the SAN JOSE MERCURY NEWS, Alameda County and the city of Oakland released financial documents detailing plans to pay for the Raiders deal. The MERCURY NEWS' Witt & Koury report that "even their most pessimistic projections contain some rosy assumptions about the deal's potential earning power." The Coliseum Marketing Association has sold only 31,000 of 45,000 available PSLs for this season, and is trying to sell 57,000 for next season. Although the documents reveal that the county must sell only 80% of PSLs and club seats to avoid a taxpayer bailout, that is based on "a long list of optimistic assumptions about events in the next 16 years that extend far beyond football ticket sales." East Bay officials project the sale of Coliseum naming rights will bring in $24M -- to be split between the Raiders and Coliseum. However, while that price is consistent with other such deals, "there's no guarantee of such interest in Oakland," especially with the city of San Francisco attempting to sell the rights to Candlestick Park at the same time. The MERCURY NEWS also notes that the deal counts on $1.5M annually from baseball profits. The A's have the option to leave Oakland in three years, which could eliminate that income. Officials insist the Coliseum will make a profit on the deal (SAN JOSE MERCURY NEWS, 8/25).