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Financing plan for stadium called a lousy deal for Raiders

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This artist's rendering provided by Carson2gether shows the exterior of a newly revised plan for a proposed stadium that would house both the Chargers and the Raiders NFL football teams.

OAKLAND, Calif. >> Finance experts say a long-awaited plan for a new Raiders stadium is a lousy deal for the team and will make a potential return to Los Angeles even more attractive.

The Oakland Tribune reported Saturday that its newspaper group had obtained a brief of the plan and asked finance experts to vet details.

The plan submitted to Oakland and Alameda County leaders by San Diego-based businessman Floyd Kephart calls for the Raiders, the NFL and future stadium revenues to finance the proposed $900 million facility. The plan also calls for the Raiders to sell off a portion of its club to Kephart’s company.

Sports business analysts said they couldn’t recall another stadium deal that required an NFL owner to essentially self-fund a stadium and sell off a piece of the team to do it.

Raiders officials did not return calls Friday. Kephart declined comment.

“This is not just the worst stadium proposal I’ve seen,” said Marc Ganis, president of consulting firm SportsCorp Ltd. and a veteran of numerous NFL stadium deals, including the one that brought the Raiders back from Los Angeles. “It’s the worst by far.”

“It’s so one-sided and so bad, that it’s almost as if local leaders are saying: ‘We can’t really do anything, so go ahead and leave,’ ” Ganis said.

Robert Boland, a professor of sports business at New York University, added: “This does create a scenario by which Los Angeles becomes more attractive.”

Oakland Mayor Libby Schaaf said she could not comment because “Kephart’s submittal is confidential.” If the council and Alameda County Board of Supervisors sign off on it, they would then begin negotiations with the Raiders in hopes of building a new stadium by 2020.

The Raiders also are working with the San Diego Chargers on a $1.7 billion stadium in the Los Angeles suburb of Carson.

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