SBD/23/Facilities Venues

NEW REPORT SHOWS COST OF RAIDERS DEAL CONTINUES TO GO UP

          The financial situation at the Oakland Coliseum "is
     looking worse" as Oakland and Alameda County "may have to
     kick in about" $6M this year "on top of" the $8M already
     budgeted "to bail out" the complex, according to a front-
     page report by Rick DelVecchio of the S.F. CHRONICLE.  Both
     the city and the county "have earmarked cash" to cover
     Coliseum deficits for the next two years, but the "deepening
     hole" may mean that the "cushion will disappear sooner than
     expected."  Oakland City Councilmember Ignacio De La Fuente:
     "We have $20-million-plus.  I was counting on that $20
     million to last a couple of years, at least."  DelVecchio
     adds that if the surplus funds are "exhausted," money "will
     have to come from" general funds, and the cost of any
     bailout "would be split" by the city and county.  The
     deficit comes "partly" as a result of the "slow sales" of
     Raiders PSLs, which, with "more than" 20,000 available, have
     "been abysmal."  From July 1 to September 30, the Coliseum's
     revenue from PSL sales totaled $1.9M, "just" 28% of what the
     Coliseum Authority had budgeted.  In the first quarter, the
     Coliseum "ran" $11.8M "in the red" (S.F. CHRONICLE, 10/23).

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