An investment group seeking to build a new stadium for the Oakland Raiders submitted a formal plan to the NFL.
An investment group seeking to build a new stadium for the Oakland Raiders submitted a formal plan to the NFL, reports Sports Business Daily.
According to multiple reports, the Fortress Investment Group submitted the proposal to the league within the past 10 days.
In December, the Oakland City Council approved a resolution authorizing the city to negotiate with an investment group headed by Hall of Famer Ronnie Lott and former quarterback Rodney Peete to build a new football stadium for the Raiders. That non-binding resolution called for $350 million in public money to be used for the stadium.
That plan was met with skepticism from league officials with NFL executive vice president Eric Grubman telling USA Today, "I think the intentions are good. But I don’t think there’s been any progress that suggests a breakthrough anytime soon.”
The Raiders have been seeking a stadium solution for years and have set their sights on Las Vegas, despite casino magnate Sheldon Adelson withdrawing the $650 million he had committed for the $1.9 billion project.
The state of Nevada has committed $750 million to the project, with the team and the league paying the remaining cost contingent on the owners approval. The Raiders are eligible for relocation, but 24 of the 32 NFL owners must sign off on any move.
The Fortress Investment Group plan is for a 55,000-seat, $1.3 billion stadium that would be placed at the current site of the Oakland–Alameda County Coliseum.
The executives from the Raiders are expected to present this latest plan to the Las Vegas Stadium Authority board next week, according to the San Jose Mercury News.
The NFL owners are expected to meet March 26–29 in Phoenix.
- Scooby Axson