Raiders Could Fund Less Than Half Of $800M Cost Of New Oakland Stadium
Oakland and Alameda County officials learned yesterday the Raiders "want to build the NFL's smallest stadium at their current home, but the team might not be able to cover even half the costs," according to Matthew Artz of the OAKLAND TRIBUNE. AECOM Associate VP David Stone said that a study "found enough demand in Oakland for a 50,000-seat football stadium that would cost roughly" $800M. Stone said that the Raiders have "proposed contributing" about $300M toward the project. Stone said that if the NFL "agreed to provide" $200M "from its stadium loan program, that would leave an estimated $300 million shortfall." City leaders had been "adamant about not subsidizing a new football stadium after losing tens of millions of dollars to bring the Raiders back from Los Angeles, but their tone softened" yesterday. City council member Larry Reid "acknowledged that public money would be needed to help cover stadium construction costs and wouldn't rule out supporting it." Reid said, "My primary concern is this is a city that always had three major league teams and that now there is the possibility that we will have none." The Warriors are "planning to leave" Oakland for S.F., and the A's "still want to move to San Jose." With the Raiders' O.co Coliseum lease "expiring after the upcoming season," Owner Mark Davis has said that he "wants to stay in Oakland but doesn't want to sign another short-term lease at the Coliseum without an agreement in place for a new stadium." Artz notes the Raiders are "the only Oakland team interested in the city's ambitious vision for transforming 750 acres around the Coliseum into a sports and entertainment center with an adjacent biotech campus" (OAKLAND TRIBUNE, 7/16).