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Report: Group offers to buy Coliseum to keep Raiders in Oakland

ALAMEDA, Calif. -- The Oakland Raiders had no comment on an East Bay Times report Tuesday night that an investment group tied to Pro Football Hall of Famer Ronnie Lott wants to purchase the Oakland Coliseum and its surrounding land in hopes of keeping the team in Oakland.

The Raiders, after what they have described as eight years of failed negotiations to get a new stadium in Oakland, have their sights set on moving to Las Vegas, if the Southern Nevada gaming capital can come through with a new domed stadium. An oversight committee in Las Vegas has recommended to Nevada Gov. Brian Sandoval a $750 million hotel tax to help pay for the $1.9 billion stadium. The Raiders would contribute $500 million, which includes a loan from the NFL, while the family of Sheldon Adelson -- chairman of the Las Vegas Sands Corp., a casino and resort outfit -- has pledged another $650 million.

But before Sandoval could call a special session of the Nevada Legislature to vote on the proposal, the group hoping to keep the Raiders in Oakland sent a letter to Oakland Mayor Libby Schaaf, Alameda County Supervisor Scott Haggerty, Oakland Councilman Larry Reid and other officials stating its desire, according to the East Bay Times.

According to the report, Stadium Real Estate Partners and The Integral Group have offered to buy the Coliseum and the surrounding land for $167.3 million, with the intention of renovating the stadium or building a "state-of-the-art" facility.

Schaaf told the East Bay Times that the city and county had entered a "90-day memorandum of understanding" with the group to begin negotiations.

Major League Baseball's Oakland Athletics have been looking at potentially building their own stadium on the waterfront in downtown Oakland near Jack London Square, so it is not known whether they would be involved in this project.
Related Topics:
sportsespnoakland coliseumnfloakland raiderslibby schaafronnie lott
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