Bay Area News Group is reporting that the City of Oakland and Alameda County will look to work on a new stadium for the Oakland Raiders without the help of developer Floyd Kephart.
The city and county reportedly voted against renewing Kephart's exclusive negotiating agreement -- set to expire this week -- allowing them to look at alternative plans.
The hopes are that eliminating the ENA will help advance talks quickly in the upcoming months as it will help focus on more reasonable deals that would take place where O.Co Coliseum currently resides.
While Kephart wanted to build a $4 billion project, there are still problems that remain as speedbumps for the Raiders staying in Oakland. The franchise is believed to only have $500 million to spend (including the NFL's loan), while most new stadiums would cost roughly $900 million. That leaves the Raiders with a $400 million gap, which the City of Oakland is hesitant to spend. Mayor Libby Schaaf has already said she won't spend tax-payer money on a new stadium.
The large gap likely means it will be up to a third-party developer to step in and fill the gap as an investment of their own. We'll keep a close eye on the situation in Oakland, as well as in Los Angeles, to see which one will soon be the home of the Raiders.