Oakland to explore financing alternatives for Raiders stadium proposal

2 November 2015 (Last Updated November 2nd, 2015 18:30)

City officials at Oakland in California, US, are trying to secure financing for a new stadium development in order to retain the football franchise Oakland Raiders in the city.

City officials at Oakland in Califonia, US, are trying to secure financing for a new stadium development in order to retain the football franchise Oakland Raiders in the city.

According to Oakland assistant city administrator Claudia Cappio, a stadium consultant has been hired to suggest new financing alternatives for the proposed $900m development so that it does not use taxpayer money.

The football club had sought around $400m in public money to redevelop the dilapidated Oakland Coliseum into a new stadium.

Raiders owner Mark Davis had previously said he wanted the team to stay in the city, but would need local support.

"The football club had sought around $400m in public money to redevelop the dilapidated Oakland Coliseum into a new stadium."

Local leaders are, however, reluctant to fund the new stadium construction since the city is still paying off the debt from a 1995 remodelling initiative.

The hired consultant is expected to present financing proposals privately before the city council and the Alameda Board of Supervisors, within the week.

Cappio was quoted by the Associated Press as saying: "We're trying to get some sense of common ground."

Oakland may still need to upgrade infrastructure of the ground for future use, and is likely to spend a significant amount for this reason.

Oakland Raiders are also collaborating with their division-rival San Diego Chargers for developing a $1.7bn stadium in Carson outside of Los Angeles.