The would-be Oakland Raiders stadium builders led by Fortress Investment Group and former NFL star Ronnie Lott sent a formal proposal to the league yesterday, and it looks a lot like the $1.3 billion plan announced in November. Take it away, San Jose Mercury News:
The Fortress/Lott plan has called for a $1.3 billion, 55,000-seat stadium project at the current Coliseum site. The investors would contribute $400 million, the Raiders and NFL $500 million and the city of Oakland $200 million for infrastructure.
So that’s .. only $1.1 billion? (The November plan had the investors contributing $600 million.) Hey, Merc News, what’s up with your math? Any other news outlets have numbers that actually add up, or at least note the $150 million in free land that Oakland would give up in the deal? No? Damn.
The bigger question, in any event, isn’t who’ll front the money, but rather who’d receive which stadium revenues to pay themselves back. There doesn’t appear to be enough money to go around to make everyone — Fortress/Lott, Davis, and Oakland taxpayers — whole, so that remains the tricky part. It sure would be nice to see the actual proposal, what with the public on the hook for a $350 million chunk, but apparently it’s for NFL eyes only right now. If the league ends up taking it seriously, which doesn’t seem likely given their previous statements on the matter, maybe the hoi polloi will get a glimpse later on.