An investor group led by Ronnie Lott pulled its bid to buy the Coliseum after learning that Oakland’s mayor was not recommending the plan.
The San Francisco Business Times reports that the group of investors and developers, which were offering $167.3 million to buy the land on which the Coliseum sits, retracted its offer.
Their decision came after Oakland’s mayor said she would not recommend the plan go in front of the city council.
“Yesterday afternoon with overwhelming shock, we read with great dismay and disappointment that you and your administration did not recommend the proposal be forwarded to the City Council for consideration,” the attorney for Lott’s group wrote in a letter obtained by the Times.
“In your words, ‘[w]e did not recommend consideration of this offer at this time. We remain committed to a team centered development. We want the Raiders and the NFL at the center of this future site. Unfortunately, this information had to be communicated to us through the media.
“Therefore, as a result, Stadium Real Estate Partners, LLC hereby retracts and withdrawals its Letter of Intent from further consideration. We only wish the City of Oakland and Alameda County and its future endeavors the best of fortunes.”
Oakland is instead focusing on getting a new site to be the home of the Raiders.
“We did not recommend consideration of this offer at this time,” the mayor said. “We remain committed to a team-centered development. We want the Raiders and the NFL at the center of this future site.”
While Oakland is trying to get a new venue, Las Vegas is working hard to lure away the Raiders. They recently approved plans for several hundred million in public financing to help fund a new stadium.
