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The Raiders have a deal in place to relocate to Las Vegas, where a $1.9 billion stadium project has been approved. NFL owners have yet to vote on allowing the move.
Oakland and Alameda County (Calif.) leaders will vote Tuesday on a financial and development plan to build a $1.3 billion football stadium at the Coliseum site to keep the Raiders from moving to Las Vegas.
Mayor Libby Schaaf and other local leaders presented details of the plan reached with the Ronnie Lott Group and Fortress Investment Group that includes public money only being used for infrastructure upgrades.
"This term sheet agreement puts Oakland in the running to keep the Raiders in a way that is responsible to the team, the league, the fans and the taxpayers," Schaaf said. "Everything the city and county and the investor team is doing is about putting forward the best offer to encourage the Raiders ownership and the NFL to keep the Raiders in Oakland, where the team belongs."
The Raiders had no comment on the plan and owner Mark Davis is committed to moving to Las Vegas, where a $1.9 billion stadium project has been approved. Nevada will raise $750 million from a hotel tax to fund the stadium with billionaire casino mogul Sheldon Adelson contributing $650 million and the Raiders and NFL kicking in $500 million.
The Raiders must get approval from 24 of the 32 NFL owners before being allowed to move, with a vote possible as soon as January.
That put pressure on Bay Area officials to put together an alternative plan to keep the Raiders. The parties have identified $1.25 billion in potential financing for a project that may cost upward of $1.3 billion for a stadium that would open in 2021.