Wednesday September 3rd, 2014

Oakland has offered to pay $120 million as part of a new proposal to build a new stadium for the Raiders, SFgate.com's Phillip Matier and Andrew Ross report.

Mayor Jean Quan's team has proposed giving the Raiders land for free and having the city and taxpayers pay $120 million to finish paying for old renovations at the Coliseum.

Construction costs for the new stadium would be paid using private sources, revenue from the initiative and the NFL. 

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Zach Wasserman, who represents a group hoping to build a complex near the new stadium, said the "basic terms" of a deal have been worked out between the city, team and his group.

"I expect it to be executed soon," he said.

Matier and Ross report the decision rests with Raiders owner Mark Davis, who has spoken about moving the team in recent months. Davis toured San Antonio and said the team would be well-received if it returned to Los Angeles.

The Oakland proposal is not a done deal, however, as city would still need to work out how to generate $120 million for the project. A spokesman for Mayor Quan said they are not ready to discuss where the money will come from. 

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