Written by Janie Har at Sacramento Bee.com
City and county officials approved opening negotiations with an investment group on a possible $1.3 billion stadium project that supporters hope will sway the Oakland Raiders to stay.
The approvals Tuesday give an investment team 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 Alameda County Board of Supervisors voted earlier Tuesday, with the Oakland City Council voting later in the night.
Seven city council members voted to enter negotiations with Lott. One council member abstained. Earlier in the day, three of five county supervisors voted yes after more than three hours of discussion and testimony in a room sparkling with sports celebrities.
Lott said after the county vote that the work is just beginning.
“We still have a long ways to go. We still have to convince the NFL. We still have to convince (Raiders owner) Mark Davis. We’ve got a long ways to go but today is a great day and a great moment for Raider Nation,” he said.
Earlier this year, Mark Davis said he was committed to moving the Raiders to Las Vegas, where a $1.9 billion stadium project has been approved. Oakland Mayor Libby Schaaf vowed to continue working on a counter-proposal for the Raiders to stay at the Oakland Coliseum.
A move to Nevada is not certain, although a vote by the NFL on whether to allow the move is possible as soon as January. Nevada will raise $750 million from a hotel tax to fund the stadium with billionaire casino mogul Sheldon Adelson contributing $650 million and the Raiders and NFL kicking in $500 million.
