A development group wants to buy the Coliseum land to keep Raiders in Oakland

A development group wants to buy the Coliseum land to keep Raiders in Oakland

The Oakland Raiders have been looking for a longterm him for quite some time without any clear path. While owner Mark Davis continues to position himself for a possible move to Las Vegas, a new plan has emerged and also gained some steam.

The group of investors with ties to NFL Hall of Famer Ronnie Lott hope to keep the team in Oakland, according to the East Bay Times. 

The East Bay Times is reporting that the group sent a letter to local officials last week offering a plan to purchase the current Coliseum and renovate it, or build a state-of-the-art sports facility. 

The team reportedly wants to buy the current land, including Oracle Arena, for $167.3 million — which amounts to about $250 per square foot, which is currently the going rate for real estate in downtown Walnut Creek. 

The East Bay Times says it is unclear on if the Oakland Athletics would be a part of the project or not. 

The City of Oakland remains hesitant to enter any sort of exclusive negotiation agreement with a developer after the failure with Floyd Kephart where they were unable to get anything done. 

This all comes as a tourism committee in Las Vegas recommended a tax on hotel rooms to raise money for a Raiders stadium off the Vegas Strip, though that is far from a done deal. Legislature must now approve it, which would likely come from a special session called by the governor.

The team's efforts to secure a longterm home has gone on far too long, and it appears that it is still nowhere near ready to come to an end. 


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