Report: Investment group offers to buy Oakland Coliseum
An investment group with ties to Pro Football Hall of Famer Ronnie Lott is seeking to purchase the Oakland-Alameda County Coliseum and the land surrounding the complex in efforts to keep the Oakland Raiders in town, reports the East Bay Times.
Stadium Real Estate Partners and The Integral Group are offering to buy the Coliseum and the land for $167.3 million, according to the report.
The group intends to either renovate the five-decade-old stadium or build a new "state-of-the-art" facility. The renovation would include upgrading and replacing the site’s sewer and septic systems, which have caused problems in the last few years.
The land around the stadium also includes Oracle Arena, the home of the Golden State Warriors.
A letter expressing interest in buying the Coliseum was sent to local officials, including Oakland's mayor, the county supervisor and a councilman, among others.
"The ultimate goal of the purchase is to maintain Oakland as a professional sports destination with a vibrant and first-class sports and entertainment district,” wrote Martin J. Greenberg, whose clients are Stadium Real Estate Partners.
The Raiders have been looking at Las Vegas as a potential place for relocation after years of trying to get a new facility built in Oakland stalled.
Last week, a Nevada oversight committee voted to recommend spending $750 million in public money on a new $1.9 billion NFL stadium. Sands Corp. CEO Sheldon Adelson is expected pay $650 million for the stadium, with the Raiders contributing another $500 million.
NFL commissioner Roger Goodell has said that any relocation is not imminent and would require a 3/4 vote of approval from the league's 32 owners.
- Scooby Axson
