Report: Raiders want 50,000-seat, $800 million stadium in Oakland
The Raiders lease with O.Co Coliseum runs out after the 2013 season, but that doesn't mean the team will move. The Raiders reportedly want a 50,000-seat stadium built near the current stadium.
The Oakland Raiders' lease with O.co Coliseum only runs through the 2013 season, after that, the Raiders will be free to move anywhere they want -- and anywhere they want might be Oakland.
Owner Mark Davis has said he'd like to keep the team in Oakland, and for that to happen, it appears the Raiders want a 50,000-seat stadium built near the site of their current stadium, according to the Oakland Tribune.
A team-commissioned study found that a new stadium at the proposed location would cost about $800 million.
Under the Raiders plan, the team would contribute $300 million toward the $800 million cost of the stadium with the hope that the NFL would chip in $200 million, leaving a $300 million shortfall. That shortfall would possibly be paid with public money. Other options for making up the shortfall could include hotel or rental car taxes.
"Both sides are conducting studies to determine the demand and financial viability of the project," the team said in a statement to the Tribune.
With the lease expiring in less than a year, the city of Oakland knows time is of the essence, "There is no set deadline ... but we know time is not on our side," assistant city administrator Fred Blackwell said on Monday.
Davis said in June he wants to keep the team in the Bay Area. "Oakland still is in the driver's seat," Davis told the San Jose Mercury News. "We want to stay. We don't want another short-term lease extension. We want something that will work for us, for the city and for the NFL."
The Raiders last signed a lease extension in 2009. That extension added three years to a deal that had been set to expire after the 2010 season.
If the the city and the team can't figure out a way to finance the stadium, that could be the end of the Raiders in Oakland. Just because Davis wants to stay, it doesn't mean the team will. "If we can't get something done, I've got to do what's best for the team," he said.
If the Raiders do end up building the 50,000-seat stadium, it would be the smallest in the NFL, but not much smaller than what the Raiders will see in 2013. The top deck of the 63,132-seat Coliseum -- Mount Davis -- is slated to be tarped off for the upcoming season, leaving the stadium's capacity at about 53,200.
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