According to Mathew Artz of the Oakland Tribune, the Raiders would like to build a new 50,000 stadium in the city of Oakland, which would be the smallest stadium in the NFL. The problem is they need help funding it.
A team-commissioned study found enough demand in Oakland for a 50,000-seat football stadium that would cost roughly $800 million, said David Stone, whose firm, AECOM, is advising Oakland and Alameda County officials on stadium construction.
Stone said the Raiders have proposed contributing about $300 million toward the project. If the NFL agreed to provide $200 million from its stadium loan program, that would leave an estimated $300 million shortfall, Stone said Monday during a meeting of the joint Oakland and Alameda County board that governs the Oakland Coliseum complex.
Team officials were not at the Monday meeting. Mike Taylor, the team’s director of public affairs, said in a statement that “Both sides are conducting studies to determine the demand and financial viability of the project.” City leaders had been adamant about not subsidizing a new football stadium after losing tens of millions of dollars to bring the Raiders back from Los Angeles, but their tone softened Monday.
The city of Oakland doesn’t have a lot of time to figure out what they’re going to do. It’s been obvious for years that the Raiders need a new stadium and a deadline to get something done is fast approaching.