Financing Found for NFL Stadium : Hollywood Park: Hubbard makes arrangements, but Raiders must decide where they want to play.

Hollywood Park has reached a preliminary agreement for financing much of its proposed $200-million stadium that would house the Raiders and possibly UCLA. However, the financing is but one obstacle that needs to be overcome before the deal is official.

“We do have a proposed term sheet from the bank for financing,” R.D. Hubbard, Hollywood Park’s chief executive officer, told The Times. “We’re pretty close, there are just a few little items to be worked out.”

The financing would come from NationsBank in North Carolina, the bank that also services the NFL.

The main stumbling block to the consummation of a deal is the unpredictability of Raider owner Al Davis. According to sources, Davis has had a proposed agreement with Hollywood Park onhis desk for almost three months.

The Raiders have skillfully made themselves the object for sale in a seller’s market. They are playing Hollywood Park against the city of Los Angeles, with Oakland waiting around justfor fun.

Multiple sources have told The Times that Davis no longer wants to play in the Coliseum; however, Davis’ thinking can change from day to day.

Despite the fact that more than $100 million has been spent on renovating the Coliseum since the Northridge earthquake, it has come under recent criticism for its ability to service a large crowd. Davis privately has made Hollywood Park his top option.

“It looks very positive,” Hubbard said. “There is no firm agreement but we’re working on it. We’re very hopeful.”

Hubbard and Davis have met only twice in two months, as Hubbard has been out of the country for much of the past month. But representatives of both sides have had frequent conversations.

“We have to have something worked out by March to meet the deadline,” Hubbard said.

The deadline is based on a construction timetable that would allow the stadium to be open by September 1997.

The stadium would have 65,000 seats and at least 100 luxury boxes, with the option to go to 150. It would be located on 90th Street between Hollywood Park and the Forum.

The NFL has said it is willing to help finance a new stadium in Los Angeles. According to its proposal, the new stadium would probably get five Super Bowls over a 10-year period. Partial funding would also come through the sale of Super Bowl seat licenses.

NFL Commissioner Paul Tagliabue, in his state-of-the-league address on Friday, said he is hopeful that a team will remain in Los Angeles but couldn’t guarantee it.

Of more immediate importance is where the Raiders will play this coming season. If the Coliseum is ruled out, only the Rose Bowl and Anaheim Stadium are left as viable local sites. It is believed that the Rose Bowl does not want the Raiders to play there, leaving only Anaheim Stadium.

“It remains a major priority of the league to ensure that we continue to be represented and represented well in the Los Angeles market,” Tagliabue said Friday. “Hopefully, we can get that done, and we won’t have to worry about having the Los Angeles area go without an NFL team.”