City and county officials approved opening negotiations with an investment group on a possible $1.3 billion stadium project that supporters hope will sway the Oakland Raiders to stay.
The approvals Tuesday give an investment team anchored by Hall of Famer Ronnie Lott and former quarterback Rodney Peete the right to negotiate a formal agreement for a $1.3 billion stadium that includes $350 million in public money.
The Alameda County Board of Supervisors voted earlier Tuesday, with the Oakland City Council voting later in the night.
Earlier this year, Mark Davis said he was committed to moving the Raiders to Las Vegas, where a $1.9 billion stadium project has been approved.
Nevada will raise $750 million from a hotel tax to fund the stadium with billionaire casino mogul Sheldon Adelson contributing $650 million and the Raiders and NFL kicking in $500 million.
Former Los Angeles Raiders great Marcus Allen made an emotional pitch to the Alameda County Board of Supervisors and later to the Oakland City Council, saying that losing the team would be devastating for Oakland.
A sticking point was that Alameda County and Oakland still need to retire nearly $100 million in debt incurred for remodeling the current stadium to woo the team back from Los Angeles in 1995.
Lott’s team, which includes the Fortress Investment Group, would contribute $400 million, with the NFL and the Raiders contributing $500 million.
