OAKLAND (KRON) — Oakland Mayor Libby Schaaf announced Tuesday morning that they are moving forward with plans to keep the Raiders in Oakland.
Mayor Schaaf and the Ronnie Lott group have reached a framework agreement for a new stadium on the Coliseum lot.
“It is exciting that we have reached a conceptual framework agreement with the Lott group,” said Mayor Schaaf.
Schaaf has long opposed spending public money on a new stadium for the Raiders. Lott’s group has demonstrated a “willingness and ability to put forward the private funds that we believe it would take” to build a new stadium, the mayor said.
The new stadium agreement will need to be approved by both the Board of Supervisors and the Oakland City Council before they can move forward with a more formal deal.
Schaaf will present the deal to the Board of Supervisors in a closed-door session Tuesday. If it passes, it will then go to the Oakland City Council on Nov. 29.
“We are thrilled that the Lott group is coming to the table with the type of resources we need to get this done,” Mayor Schaaf said.
The new stadium would be on the site where the Oakland Coliseum is now. Schaaf said if approved, the deal could lead to improvements in the area around the Oakland Coliseum, and bring jobs to the city.
However, Raider’s owner Mark Davis has already started working out a deal for a new stadium in Las Vegas.
Davis has pledged $500 million toward the construction of the stadium, which is expected to cost over $1 billion. The state of Nevada is reportedly going to contribute $750 million in new hotel tax revenue, and Casino owner Sheldon Adelson has promised to contribute an additional $650 million.
Schaaf says she understands that Davis is frustrated with Oakland, saying that it is her job to bring him a deal competitive with Nevada’s.
“This is one small step in a complicated deal,” she said.
Stay with KRON4 News for updates