Latest On Oakland Stadium Plan

In what could be the city’s last-ditch effort to keep the Raiders, Oakland has submitted an updated stadium proposal. Oakland mayor Libby Schaaf revealed the revised plan for a $1.3 billion facility for the franchise, Jim Trotter of ESPN.com reports.

Schaaf sent a letter to the NFL regarding specific contributions from the entities who have a financial role in this project, which includes aid from the Fortress Investment Group and the Oakland City Pro Football Group. Instead of having a murkier financial stake in this operation, Fortress will play a part similar to Bank of America’s in Las Vegas’ stadium proposal, Trotter reports.

The NFL is reviewing the letter, Andrew Dalton of the Associated Press reports.

“At the end of the day this is the decision of the Raiders and the NFL,” Schaaf told Trotter by phone. “What I am confident about is, if the Raiders want to stay in Oakland we have a viable plan to build them a stadium with no upfront money from them, in financial terms that I believe are more favorable to them than the terms in Las Vegas — what we know of them.

“And then, of course, we have something that Vegas can never offer, and that’s legacy and loyalty.”

Fortress is now set to contribute $650MM to this stadium, a 55,000-seat venue slated to be built on the current Oakland Coliseum site. The AP pegs Fortress’ stake at $600MM. The Raiders and the NFL are tabbed to contribute $500MM, with the city of Oakland — with assistance from Fortress — putting forth $200MM, Trotter reports. The Oakland Athletics would continue to play in the Oakland Coliseum while the football-only stadium is being built.

Relying to some degree on tradition here, Schaaf is banking on the NFL slowing down on what’s been a reinvigorated Vegas push. The Raiders, though, have not engaged in substantive discussions with their current city in months. They’ve instead devoted all their efforts to Vegas, securing the crucial Bank of America backing after Sheldon Adelson and Goldman Sachs dropped out. The team needs 23 additional votes to move to Nevada.

The Raiders’ latest relocation vote is expected to take place at the owners’ meetings Monday in Phoenix. The Las Vegas relocation fee is not expected to be close to what the Rams and Chargers paid to move to Los Angeles, and the Raiders secured a record $750MM in public money for a $1.9 billion stadium in Sin City. Schaaf reached out to Roger Goodell on Wednesday, but as of then no significant progress had been made between the league and Oakland. The city having no viable plan up to this point has it well behind going into the meetings, but the league reviewing this latest proposal reveals Oakland might still have a glimmer of hope.

“I recognize that this could be our final chance, but we have worked so hard these last two years,” Schaaf said, via Trotter. “We’ve put together a viable deal that satisfies many requirements that we believe is the best deal for the Raiders and the NFL. We hope that they give it full consideration on Monday.”