The NFL’s Oakland Raiders American football franchise has reached a tentative deal with the local authority over the construction of a new stadium.
According to the San Francisco Chronicle, Raiders owner Mark Davis will have the final say over the arrangement. The team’s current lease at the Oakland-Alameda County Coliseum will expire at the end of the 2014-15 season.
However, attorney Zach Wasserman, who represents the developers of Coliseum City, a sports, housing and retail complex that is being built near the proposed site of the new stadium, said: “I expect it [the stadium deal] to be executed soon.” The stadium would be built from the funds generated by the Coliseum City project.
Taxpayers would not pay for the development of the stadium, which would be expected to cost between $900m (€682m) and $1.2bn. However, the city would need to find $120m to pay off the money still owed on the Oakland-Alameda County Coliseum.