Oakland officials admit that Raiders PSL sales have "taken
in far less cash than expected," and city and county officials
are conducting an audit to find out "how deep a hole they are
in," according to the S.F. CHRONICLE. In order to pay for the
$200M in bonds that financed Coliseum operations and expansion,
stadium officials had hoped to make $44.4M in PSL sales in '95
and $48.5M in '96. But the only raised $25M last season -- money
that will be used to pay for this year's bills. Any need for a
taxpayer bailout, however, is at least a year away, at which
point officials may have to dip into city and county general
funds (DelVecchio & Fimrite, S.F. CHRONICLE, 7/22).
PLAN B: Late last week, Oakland and Alameda County
officials also restructured the "troubling ticketing campaign"
the Raiders had implemented in a "stopgap attempt" to repay their
debt. The new deal allows current PSL holders to purchase six
additional season tickets -- $410, $510 and $610 -- for '96, not
including playoffs. Those buying PSLs from now on can buy two
additional tickets for friends and relatives (S.F. CHRONICLE,
7/19).