Local authority leaders in Oakland and Alameda County will vote tomorrow (Tuesday) on whether to support a financial plan underpinning the proposed development of a new $1.3bn (£1bn/€1.2bn) American football stadium that would keep the Raiders NFL franchise from moving to Las Vegas.
According to ESPN, details of the plan reached with the Ronnie Lott Group and Fortress Investment Group were presented to local leaders by Mayor Libby Schaaf on Friday.
“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.”
Raiders owner Mark Davis has already committed to moving the franchise to Las Vegas, where a new $1.9bn stadium project has been approved.
“This is the best plan the city and county have ever achieved in attempting to keep the Raiders in Oakland,” Oakland council member Larry Reid said.
“We are offering control of the land, a respected investment team, and no risk to taxpayers in putting this deal together. This shows the public, the Raiders ownership and the NFL that there is a viable plan to remain in Oakland.”