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Oakland unveils plan to keep Raiders

Posted at 11:46 PM, Dec 09, 2016
and last updated 2016-12-10 02:46:33-05
We are getting our first look at the deal on the table to keep the Raiders in Oakland.
The $1.3 billion dollar plan was called the “best plan the City and County ever achieved” to keep the Raiders in Oakland by Oakland Councilman Larry Reid.
Oakland and Alameda County leaders are hopeful the deal is enough to compete with the $1.9 billion deal approved by Nevada lawmakers for a new 65,000 seat stadium in Las Vegas.
The deal that is set to be presented to the Oakland City Council and Alameda County Board of Supervisors Tuesday calls for a $350 million contribution.
That money is coming in the form of the land at the Coliseum where the Raiders and Oakland Athletics currently play, as well as $200 million in infrastructure improvements.
The investment group, led by former Raider Ronnie Lott, has committed $400 million to the plan.
Both sides are counting on a $500 million contribution from the Raiders and the NFL.
Those proficient in math will notice those numbers leave the group $50 million short of the projected cost of the planned 55,000 seat stadium.
“We know there is a lot of work left to do, but we also believe strongly in our city and that the Raiders belong here in the original home of the Raider Nation. We care deeply about the team and what the team brings to our city and our culture,” Reid said in a press release.
Nevada and Las Vegas leaders have said Raiders’ owner Mark Davis has reassured them he remains committed to the $1.9 billion deal approved by state lawmakers earlier this year.
That plan centers around $750 million in public funding as well as $650 million pledged by the family of Las Vegas Sands CEO Sheldon Adelson.
The Las Vegas stadium would also need the $500 million dollars from the Raiders and the NFL.
If approved by the Oakland City Council and Alameda County Board of Supervisors Tuesday, the Oakland plan would likely be presented to the 32 NFL owners when they met earlier next year.
Davis needs the approval of ¾ of that group to move the team out of Oakland.