Oakland Approves Stadium Resolution

The Oakland City Council has approved a resolution authorizing the city to negotiate with an investment group to build a new football stadium for the Oakland Raiders. 

Mikayla Whitmore / Las Vegas Sun via AP – Vegas NFL Stadium Site
This dirt lot in Las Vegas could be the future site of a $1.6 billion NFL stadium as officials continue to tinker with funding formulas to make it pencil out to the satisfaction of Oakland Raiders owner Mark Davis, who says the city needs to kick in $750 million.

The vote gives the investment group 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 former athletes are working with the Fortress Investment Group. Alameda County supervisors authorized opening negotiations earlier Tuesday. The agreement to negotiate does not include the Raiders at this stage.

Team owner Mark Davis already has committed to moving the Raiders to Las Vegas, where a $1.9 billion stadium project has been approved.