Report: Raiders want $800 million, 50,000-seat stadium in Oakland
The Oakland Raiders want to build a 50,000-seat stadium after commissioning a study and determining that capacity fits their needs, The Oakland Tribune reported on Monday.
But there's a catch: The Raiders say they won't be able to cover even half of the projected $800 million cost, leaving a shortfall of about $300 million that could fall on taxpayers. The Raiders would kick in $300 million, while the NFL's stadium-loan program would provide $200 million, according to the Tribune.
"Both sides are conducting studies to determine the demand and financial viability of the project," Mike Taylor, the team's director of public affairs, told the Tribune in a statement.
The Raiders' current lease with the O.co Coliseum expires after the 2013 season. Owner Mark Davis has said he prefers to keep the team in Oakland. But there have been talks with other developers — particularly, with the potential of a 75,000 stadium in nearby Los Angeles.
"We've done plenty of talking in the past, and we still don't have a long-term solution," Davis told the San Jose Mercury News in June. "Oakland still is in the driver's seat. We want to stay. We don't want another short-term lease extension. We want something that will work for us, for the city and for the NFL. "But if we can't get something done, I've got to do what's best for the team. For the last 10 years, we've been deficit-spending. But we signed the agreements, so it's nobody's fault but our own."