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NEW REPORT SHOWS COST OF RAIDERS DEAL CONTINUES TO GO UP
Published October 23, 1997
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).