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$400 Million Needed for Oakland NFL Stadium Deal Lacks Political Support
The Raiders won’t be able to rely on public funding to fill a $400 million funding gap on a proposed new stadium in Oakland, according to an article by Rachel Swan.
Oakland is still paying back money it borrowed for the renovation of the Coliseum that brought the Raiders back in the 1990s. That debt won't be paid until 2026.
"That money we’re paying now is general-fund money we could spend on police, parks or libraries," said Oakland Mayor Libby Schaaf, as quoted in the article to explain why she won't support spending public funds on a new stadium.
The article includes more details about the politics of the NFL stadium proposal in the city of Oakland and the county of Alameda. The Raiders are one of several teams, along with the St. Louis Rams and the San Diego Chargers, leveraging the potential of moving to Los Angeles in negotiations for a new stadium deal in their home city.