OAKLAND (CBS SF) — A group of investors says it is prepared to spend $167 million to land that includes the Coliseum complex in order to keep the Raiders in Oakland, according to a published report.

Bay Area News Group reported a letter sent to Oakland officials by the group’s attorney says the plan would be to either renovate the existing facility at the site or build a new one.

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The offer from Stadium Real Estate Partners, LLC and developer The Integral Group was rejected by city officials, according to the report.

Integral CEO Egbert Perry, who is also chairman of the board of mortgage giant Fannie Mae, was at one time part of NFL Hall of Famer Ronnie Lott’s group, Oakland City Pro Football Group.

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Separately, Mayor Libby Schaaf confirmed the city and the county have entered a 90-day memorandum of understanding with Lott’s group to begin negotiations, according to the report.

Schaaf and an executive with the NFL held meetings last week with city and business leaders which includes Lott, a former player for both the 49ers and the Raiders.

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Raiders owner Mark Davis, meantime, is eyeing Las Vegas as a potential home for the team – and city officials there are moving forward with a plan to build a football stadium with mostly public money.