Don't call the moving vans yet

[DJ]

Report: Group offers to buy Oakland Coliseum

"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."

 

[ATL96Steeler]

Where were these guys a year ago? Assuming he gets the owners votes (and I think he will), Davis is as good as gone.

 

[Scooby-Doo]

There gone dude. Don't get your hopes up.

 

[cowboys5xsbs]

It might be best to just accept and move on it will hurt alot less

 

[cdumler7]

Always got to love these people who try to come in last minute when they realize it is a reality that a team could actually move. If I were the Raiders though I think I would rather just go to Vegas. They have shown a ton how much they want the Raiders and have the actual money already approved and ready to go to build a state of the art facility for this team.

 

[poprocksncoke]

"We did not recommend consideration of this offer at this time”

-Libby Schaaf

 

[Guywithtoaster]

Raiders are moving to Vegas.

Gov. Sandoval plans to call special session for proposed Raiders stadium

Oakland doesn't even have a financing plan in place, no plan on how to update the nearby infrastructure, no EIS in line(getting an EIS done in Cali takes years), and 0% chance of getting a public subsidy. From what I understand, any new taxes in California require a 2/3rds majority voter approval which isn't going to happen. Is Oakland or Alemeda County gonna fund the stadium from from the general fund or enact new taxes to fund it? Knowing how long it takes to build projects in California it will be a decade before they even start construction. Oh not to mention that construction costs in the bay area are way higher than Las Vegas. A $1.9 Billion in Vegas will cost 20-30% higher. Davis would be stupid to stay in Oakland when he is getting a brand new state of the art stadium on or near the Vegas strip. Vegas is the 2nd most visited international tourist destination in the United States and one of the top 5 most visited cities in the USA. Oh and lets not forget that Vegas is still one of the fastest growing urban areas in the country.

Adelson has experience with mega projects and majestic realty is one of the biggest developers in the country. Lott's group on the hand has 0 expertise in mega projects let alone any form of real estate development.

Edit:

I work as a CRE Appraiser for a living and have worked on many projects, never a stadium though. However, its a well known fact industry-wide that building commercial/residential development in the bay area is a complete pain in the ass, I can't imagine building a new stadium in Oakland would be any easier. Lotts group is so far behind Adelson/Maj Realty its not even funny.

 

[Guywithtoaster]

Knowing how long it takes to build projects in California it will be a decade before they even start construction. Oh not to mention that construction costs in the bay area are way higher than Las Vegas. A $1.9 Billion in Vegas will cost 20-30% higher.

Correcting an error: Meant to say "A $1.9 billion stadium in Vegas of similar quality would cost 20-30% more to build in the bay area."