IRVING, Texas -- On Wednesday, NFL owners will receive market updates from league employees on the stadium situations in San Diego and Oakland, along with the proposal to build a new stadium in Las Vegas.
NFL officials and representatives of the Oakland Raiders' front office met with Oakland city and Alameda County officials on Monday, along with an investment group led by former NFL player Ronnie Lott and Fortress Investment Group.
Lott’s group proposes receiving an exclusive and confidential 60-day window to negotiate a development plan for the land that currently houses the Coliseum, building an estimated $1.3 billion stadium that keeps the Raiders in Oakland.
Lott’s team would contribute $400 million, with the NFL and the Raiders contributing $500 million.
The city of Oakland would contribute $200 million for infrastructure, such as storm drains and roadway parking. That money would be generated from bonds paid back from revenue created from the stadium and surrounding commercial development.
The city and county also would contribute at least 100 acres of land, valued at $150 million.
While the league’s priority is to keep teams in their home markets, Oakland’s latest proposal still has a long way to go to satisfy what the NFL wants in order to stay there.
NFL executive Eric Grubman, the league’s point person on the relocation issue, compared the latest proposal by Oakland city leaders to Southern California developer Floyd Kephart’s failed effort to get a stadium completed last year, stating a three-party negotiation muddied the waters in trying to get a deal done between the city and the team.
“We’ve seen this movie before,” said Grubman, who attended Monday’s meeting.
Oakland city and Alameda County leaders voted to approve opening negotiations with the investment group on Tuesday.
However, Raiders owner Mark Davis remains committed to moving his team to a $1.9 billion facility that received approval in Las Vegas.
Nevada legislators voted to approve raising $750 million in hotel taxes to fund the stadium.
Las Vegas Sands chairman and CEO Sheldon Adelson would contribute $650 million and the Raiders would pitch in $500 million.
“I don’t see Oakland as competing with Las Vegas,” Grubman said. “It’s simply a question of whether they can put a proposal together that is viable for a team. They already have a team.
“If they don’t put a proposal together, then what they would be expecting is for owners to vote down Las Vegas on the Las Vegas demerits, not Oakland’s merits. And that’s a different dynamic than if Oakland has a viable proposal on the table.”
A move to Nevada is not certain, though a vote by the NFL on whether to allow the move is possible as soon as January. Owners are not scheduled to meet next month but could call a special meeting to potentially vote on the Raiders relocating to Las Vegas.
The Raiders must get approval from 24 of the 32 NFL owners to move, and a vote could come as soon as next month. However, some owners still have reservations about the stadium deal in Las Vegas and whether an NFL team should relocate to the nation’s gambling capital.
The Associated Press contributed to this report.