Hubbard Is Optimistic After Meeting Davis : Pro football: Two-hour session follows false alarms that Raiders were returning to Oakland.

Hold on Los Angeles, it’s not over yet.

On a day when rumors were rampant in Oakland that the long-lost Raiders were headed home, club owner Al Davis met for two hours at his El Segundo headquarters with R.D. Hubbard, chief executive officer of Hollywood Park, the proposed site of a $200-million football stadium.

While neither would reveal details of the meeting, Hubbard appeared optimistic that a deal can still be struck with Davis to keep the Raiders in Los Angeles. The two are expected to continue talking.

With most of the thorny details of the plan to open the stadium for the Raiders in 1997 and a second NFL team in 1998 already worked out, it appears that Davis’ biggest concern is that something will go wrong after he has burned perhaps his last bridge to Oakland.

Having lived with the frustration of seeing one plan after another for luxury boxes in the L.A. Coliseum evaporate over the last 13 years while the stadium itself deteriorated, Davis would like some assurances of success before he signs a deal with Hollywood Park.

How long can he deliberate?

Although the Raiders’ first home game is only two months away and a league-imposed deadline for an agreement of July 1 is fast approaching, Davis appears to be moving according to his own timetable.

And in the meantime, Oakland waits with open arms. A radio station there said Wednesday the Raiders would announce their return Thursday.

It didn’t happen.

A rumor spread through the offices of the Oakland-Alameda County Coliseum Thursday that a morning Raider news conference was scheduled.

Another false alarm.

“I’m a little disappointed that we haven’t heard anything from Al Davis,” said George Vukasin, president of the Oakland Coliseum. “We had expected to hear by now.

“There is nothing left to negotiate. It’s a real hard decision, but it’s up to [Davis]. I hope he’s not using us against the league.

“If I was in his shoes, I’d think twice about moving. But unless the [L.A. fans] are going to support him, there’s no sense in staying. And there’s a question of how much support there is in the L.A. area.

“This community is excited. The ardor has still not diminished after all these years.”

While Oakland Coliseum officials praise Davis, the tone is markedly different at the L.A. Coliseum, where the Raiders are expected to spend the next two seasons if they stay.

“When angst goes on long enough, everyone gets tired of it,” said construction supervisor Don C. Webb, who managed the earthquake repair work at the L.A. Coliseum. “Everyone is weary of this.”

Coliseum Commissioner Sheldon Sloan maintains that his stadium will not turn into a white elephant if the Raiders head north.

“If Davis does leave,” Sloan said, “I expect a new franchise here shortly. The NFL, like everyone else, abhors a vacuum. They would rush to fill this one.

“Of course, there are other sites than the Coliseum . . . but any of those sites would take five years at a minimum.

“By contrast, a smaller investment at the Coliseum would a give us a stadium that would be 90% state of the art. But our debt service would be just 15% state of the art. . . . Regardless of what the Raiders do, all that can happen from here on is for our situation to get better.”

* Times staff writer Kenneth Reich contributed to this story.