In this Raiders news and rumors update, a new stadium proposal for the Oakland Raiders spearheaded by mayor Jean Quan would call for the team to receive free land and for the city and Alameda County taxpayers to eat the $120 million bill left on the O.Co Coliseum renovation project - which would thus be demolished.
According to SFGate.com, "for months, Quan has been predicting that a broad agreement for a new Raiders stadium, costing $900 million to $1.2 billion, would be worked out by the summer's end."
"Now, Zach Wasserman, an attorney representing backers of a hoped-for sports, housing and retail complex called Coliseum City, says the "basic terms" of a financial deal have been worked out among his group, the city's negotiators and the Raiders."
Wasserman was extremely succinct in his prediction for the deal.
"I expect it to be executed soon," he stated.
At this juncture, it looks as if the only thing that could stop the proposed deal would be Raiders owner Mark Davis - whose public interest in shopping for a new home has garnered headlines throughout the offseason.
Aside from Davis, several other pressing questions remain including the fate of the Oakland A's (who just signed a 10-year lease extension with the Coliseum), and where the $120 million will come from to pay off the Coliseum.
"I am still skeptical about the whole Coliseum City deal and if it's going to materialize," Supervisor Nate Miley, chairman of the city-county Coliseum authority indicated, although he indicates he is still keeping an open mind about things.
Another member of the Coliseum Authority, Oakland City Councilman Larry Reid, was caught off guard by the proposal.
"I have asked that the (Coliseum City) item be scheduled for closed session for an update at our next (council) meeting," he said.
Chat Sports will have more on this developing story as additional information is made available.
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