OAKLAND (CBS SF) – The man tasked with hammering out a deal that would keep the Raiders in Oakland reportedly hit a wall with team ownership a month ago, yet has continued to tout his plan as a real possibility, according to the Bay Area News Group.
The Oakland Tribune reports that financier Floyd Kephart’s plan to cover roughly $400 million of the needed $900 million by selling bonds backed by future stadium revenue was rejected by Raiders President Marc Badain in April, according to a letter obtained by the paper.
In the letter, the Badain indicates that the proposed bonds are a deal breaker, stating “all revenues from the stadium must be retained by the Raiders.”
According to the newspaper, the letter from the Raiders illustrates “frustration with the city over the Coliseum City development” which was supposed to provide private financing generated by the development of retail and residential spaces that could offset the construction of a new stadium. Badain said that no such developer had stepped forward to commit capital to the project and close the stadium funding gap.
Meanwhile, the Raiders have been pushing forward in concert with the San Diego Chargers on a new proposed stadium in the Southern California town of Carson.