A plan to build a $1.3 billion stadium to keep the Oakland Raiders from moving to Las Vegas has received preliminary approval by city council and the Alameda County board of supervisors.
The initial approvals on Tuesday allow for negotiations to begin with an investor group led by NFL Hall of Famer Ronnie Lott.
The city would invest $350 million in public money for the new football stadium on the site of the Oakland Coliseum, the 50-year-old facility that is the only stadium to still be shared by professional football and baseball teams. The site is big enough for a new baseball stadium for the Oakland A's and could eventually include mixed use retail.
Lott's group would contribute $400 million in costs with the Raiders and the league picking up somewhere in the neighborhood of $500 million, according to NBC Bay Area.The source for the remaining $50 million is not determined. If a deal can be reached after negotiations between the investment group and the city, a binding resolution would still be needed.
A similar stadium and development proposal led by businessman Floyd Kephart in 2015 did not succeed after receiving initial approval to negotiate with the city of Oakland and Alameda County.
Raiders owner Mark Davis has already received approval from the city of Las Vegas on a $1.9 billion stadium project there with a majority of funding secured from a hotel tax and billionaire Sheldon Adelson.
Before relocating to Las Vegas, the Raiders would still need to get approval from at least 24 of the 32 NFL owners.
Correction: This story was revised to correct that the cost of the proposed stadium is $1.3 billion.