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THE VERDICT IS IN -- OILERS SET TO SIGN LETTER OF INTENT
Published October 3, 1995
The Oilers expect to sign a non-binding letter of intent Thursday with the Nashville Metro Council that would signal the beginning of the team's move to TN. John Williams reports in this morning's HOUSTON CHRONICLE that the city would have a series of milestones to reach to attain the team by March. If those are met on time, the Oilers will seek NFL permission to move. As part of the agreement, as long as Nashville continues to meet deadlines, the Oilers will not negotiate with any other city. Oilers VP Mike McClure told the CHRONICLE that "in reality, negotiations are almost over." McClure: "If we get this done Thursday, there won't be any talking with Houston or any other city." Williams reports the tentative schedule Nashville officials must meet includes: Metro Council approval of a financing plan by December 1 that would raise $105M-$140M; state Legislature approval of $67M-$80M from potential Oilers sales tax revenues by February; private PSL funding raised by March. McClure said a study by PSL consultant Max Muhleman showed that sales of PSLs in the area "would do quite well" (HOUSTON CHRONICLE, 10/3). TIME TO REGROUP, RESET? Houston Mayor Bob Lanier said Monday the "best the region could probably offer" is a privately- financed $125M open air stadium or refurbished Astrodome -- both of which have been dismissed by Adams. Lanier said he is putting a committee together to discuss the city's need for new facilities and what it would take to attract the NFL back if the Oilers leave. Williams notes that it will take a $275M-$300M package similar to Nashville's to get the NFL back (HOUSTON CHRONICLE, 10/3).