Oakland Makes New Offer to Lure Raiders From L.A.

The Raiders would have no financial guarantees and the public’s risk would be limited under a new proposal announced by city officials today to lure the NFL team back from Los Angeles.

Unlike previous proposals, the city and county will not have to guarantee any ticket revenue to the team, which will market all tickets.

Although city officials expressed enthusiasm for the proposal, Raiders part-owner Jack Brooks said the terms of the deal have yet to be “translated into a definitive agreement.”

A recent proposal, which fell apart, had the city guaranteeing $428 million based on ticket sales and offering the Raiders a $54.9-million cash payment over nine years.

The new plan would advance the team a loan of $31.9 million to be repaid within two years, including interest of about 10% a year.

The 15-year contract, which could be extended to 24 years, is expected to recoup costs of renovating the Coliseum, estimated at $60 million.

The Raiders would pay about $500,000 a year in rent to the Coliseum starting in 1992.

In another switch from previous proposals, the city and county would get the first crack at revenue from premium seats to ensure the payoff of public-sector debt, anticipated to reach about $92 million.

Projected revenue for the Coliseum, which was $8.8 million over 15 years in the original deal.