Sources said that Fortress Investment Group last week sent the NFL and the Raiders a proposal to build a new stadium for the team next to their existing venue. The city of Oakland in December gave Fortress the right to try to come up with a plan to build a new stadium and develop the adjacent land, even though the Raiders are committed to relocating to Las Vegas. Two key NFL owner committees meet next week to discuss the team’s relocation bid, and full ownership could vote on the relocation as soon as the end of March. It is unclear how different the proposal Fortress sent in is from the model it agreed to with Oakland in December, which the NFL has rejected. In that scenario, Fortress would have developed the land and kept key revenue streams. Nevertheless, last week's proposal is the first formal one sent to the league from Fortress. A source said that NFL Commissioner Roger Goodell several weeks ago told Oakland Mayor Libby Schaaf that the league had not seen a proposal from Fortress. The submission of the proposal last week is in response to that request. The NFL declined to comment, and Fortress could not be reached for comment at deadline (Daniel Kaplan, Staff Writer).
SMOOTHING THINGS OVER: In S.F., Kimberly Veklerov writes the submission is "believed to be an attempt to assuage concerns the league had over financing and other fundamental questions." In December, the financing proposal called for $600M from Pro Football HOFer Ronnie Lott’s contingent and Fortress; a combined $500M from the Raiders and the NFL; and $200M in "infrastructure money from Oakland" (S.F. CHRONICLE, 3/1). In San Jose, Elliott Almond notes the Raiders have not "engaged in serious talks" with Fortress and Lott's group. The Raiders have "focused their attention on relocating to Las Vegas despite obstacles in helping finance" a proposed $1.9B stadium (SAN JOSE MERCURY NEWS, 3/1).
