Oakland officials planned to submit a letter to the Raiders on Wednesday outlining a proposal for a new stadium at the site of O.co Coliseum, but they never handed it over because they couldn’t get Alameda County to sign on to the deal.
Instead, the county wants the city to buy them out of their stake of the Coliseum land that they share with the city. County supervisor Nate Miley said that the county’s exit from the negotiations will make it easier to work toward an agreement on a new building.
“Having a two-headed government agency overseeing the management of a sports and entertainment venue is not necessarily the most effective way for any of the parties to function properly,” Miley said, via the Bay Area News Group.
The county’s exit from talks would be complicated. There’s $100 million in bond debt that needs to be paid back and the city and county would need to come to agreement on a payment plan because, as Miley acknowledged, “the city doesn’t have the money.” That could take time and the clock is already ticking on Oakland’s chances of holding onto the Raiders with plans for a stadium in Los Angeles already in motion.