Stadium finance experts said that the "long-awaited financing plan for a new Raiders stadium is a lousy deal for the team" and makes a potential return to L.A. "look even more attractive," according to Matthew Artz of the OAKLAND TRIBUNE. The plan, submitted by San Diego developer Floyd Kephart as part of an agreement with Oakland and Alameda County, "includes a provision that the Raiders sell" 20% of the club to his New City Development, LLC for $200M. SportsCorp President Marc Ganis said, "This is not just the worst stadium proposal I've seen. It's the worst by far." Artz reported the proposed $900M, 55,000-seat facility adjacent to the O.co Coliseum "would be financed entirely by the Raiders, the NFL and future stadium revenues." The Raiders "would have to dip into sponsorship revenue and naming rights fees to help repay" $300M in loans "needed to offset an estimated funding gap." Other than parking garages, the stadium "would get no subsidy from the surrounding 'live-work-play' technology campus Kephart plans to build on the rest of the sprawling Coliseum complex." The plan "includes 4,000 homes, a shopping center, 400 hotel rooms and several office buildings." Ganis: "I can't think of any sports team owner that would take a proposal like this even remotely seriously." Oakland Mayor Libby Schaaf said she could not comment because "Kephart's submittal is confidential." The City Council "is scheduled to discuss the plan" tomorrow in a private meeting. In addition to $300M in borrowed funding, the Raiders would contribute $100M "of their own money" and another $100M by "investing half the proceeds of selling a piece of the team to New City" (OAKLAND TRIBUNE, 6/27). Also in Oakland, Jerry McDonald wrote the "best chance for the Raiders remaining in Oakland beyond" '15 is if the Carson stadium proposal "falls apart" (OAKLAND TRIBUNE, 6/28).
