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Report: Raiders closing in on stadium deal

By By The Sports Xchange
Published On: Sep 03 2014 11:04:57 AM CDT
Updated On: Sep 03 2014 11:09:52 AM CDT
Oakland Raiders

Richard Carson/Reuters

The Oakland Raiders reached a tentative agreement on the construction of a new stadium in Oakland, the San Francisco Chronicle reported Wednesday.

According to the newspaper, Oakland Mayor Jean Quan's team has proposed giving free land to the team and for city and Alameda County taxpayers to pay off $120 million they still owe for the 1990s overhaul of the Coliseum, which would be demolished.

Quan has been predicting that a broad agreement for a new Raiders stadium, costing $900 million to $1.2 billion, would be worked out by the summer's end.

Attorney Zach Wasserman, who represents a group hoping to build a complex near the new stadium, said the "basic terms" of a deal have been worked out between the city, team and his group.

"I expect it to be executed soon," he said.

Raiders owner Mark Davis, who has spoken about moving the team, recently toured San Antonio and said the team would be well-received if it returned to Los Angeles.

The stadium would be built with funds generated by the Coliseum City project, resulting in a reduced financial obligation for taxpayers.

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