The city of Oakland and Raiders owner Mark Davis have come to an agreement that will keep the team in town as well as pay off their $120 million debt from previous stadium renovations.
According to The San Francisco Chronicle, Oakland Mayor Jean Quan struck a deal with Davis that will give them the land they need to build a new stadium and stick the city with the $120 million bill for renovations that were made to the Coliseum during the 1990s. The new stadium will reportedly cost between $900 million and $1.2 billion to build and the Coliseum will be torn down.
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The Raiders had entertained offers to move the franchise out of Oakland and some serious interest from San Antonio, Texas could have forced the city’s hand. Mayor Quan was mum on the topic of where the $120 million the city owes the Raiders will come from, but it is likely that it will be put into taxes somehow for the people of Oakland.
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The Oakland A’s recently signed a 10-year lease with the Coliseum, but it is believed that the team will be let out of the lease in this deal.
“Another big question is how the Oakland A's — who just signed a 10-year lease extension at the stadium that would be demolished — fit into the picture.
Sources close to the Coliseum City negotiations tell us that if the A's won't play ball with the project's backers, part of the land could be turned over to team owners Lew Wolff and John Fisher for their own privately developed ballpark.”
It’s no secret that the NFL is looking into expansion or relocation of franchises, but for the moment it looks like San Antonio will have to wait their turn. The Raiders are staying in Oakland for the foreseeable future.
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