The Oakland Raiders, forever the nomads of the NFL, have always hungered for a stable home. Legendary Raiders owner Al Davis, always strived to have the Raiders in center of attention, moving them from Oakland, to Los Angeles and back to Oakland. His son, current owner Mark Davis has considered moving the team back to Los Angeles and also to the nearby suburb of Concord. While there are always pressures for the Raiders to abandon Oakland, a new ambitious plan might keep them around for the long term.
An investment group comprised of Colony Capital LLC and Rashid Al Malik, a Dubai investor have formed Bay Investment Group LLC, with the goal of conducting a stadium feasibility study. Colony Capital manages investments in excess of $32 billion, while Al Malik recently served as the deputy CEO of a multibillion dollar aerospace firm. The Bay Investment Group is looking to redevelop the current Oakland Stadium complex which includes the Raiders home stadium the O.Co Coliseum.
The development of “Coliseum City” could see the group construct new stadiums for the Raiders, Athletics, and potentially the Golden State Warriors of the NBA. The new complex, which comprises 800 acres on the east and west sides of I-880, would also hold housing and entertainment for thousands of potential residents.
A study will determine a feasibility of a new stadium and the potential redevelopment of the “Coliseum City” complex. An independent consultant deemed that the local market could support a stadium with a maximum capacity of 58,000. According to the planning team for the City of Oakland, such a stadium would be one of the smallest in the NFL, which could make it difficult to attract a marquee event like the Super Bowl, and support an entertainment complex.
Mark Davis is pursuing several options to acquire the Raiders a new venue, including investigating a construction site in Concord. The former Concord Naval Weapons Station, was recently toured by Davis. The base has been decommissioned, and the city of Concord is looking to construct several mixed-use developments. A new stadium for the Silver and Black could be the perfect centerpiece for redevelopment.
Any new stadium for the Raiders would be years away, but interest from multinational investors make the project appear more realistic. The first step is approval of the new investors’ by the Oakland City Council and an extension of their negotiating agreement with the Raiders, which is scheduled to expire in November. While the potential of moving to Concord is also a long way away, it is clear that interest by both the Raiders and the local municipality is of the utmost importance.
Source: Matthew Artz, Deep Pocketed Investors Sign Up For Coliseum City, Inside Bay Area.com
Mike Florio, “Coliseum City” Could be key to new Raiders Stadium In Oakland, Pro Football Talk.com
Philip Matier and Andrew Ross, Raiders Owner Scouts Concord Site for New Stadium, SF Gate.com