Las Vegas Raiders

Financial plan for Raiders stadium delivered to Oakland officials

Published Jun. 22, 2015 10:33 p.m. ET

foxsports

Raiders owner Mark Davis said seeing a proposal to keep his team in Oakland would be an important first step.

Floyd Kephart and his New City Development group took that first step on Monday. A preliminary framework for a new stadium proposal was submitted to Mayor Libby Schaaf, according to CSN Bay Area.

A complete financial outline won't be due until August. In that time, Kephart and his group must seek to bridge a funding gap that's reportedly over $400 million.

They won't be getting any support for the team that they share their current stadium with. The Oakland A's backed out of Kephart's plan to join them in a three-team sports center, complete with restaurants, hotels, and housing.

“We are directly engaging all of our teams with a strict focus on keeping them in Oakland,” Schaaf said in a statement. “At the same time, we’re analyzing the viability of the submission from Mr. Kephart, whose development group is in an exclusive negotiating agreement with the City and County that also allows direct negotiations with the teams."

(h/t CSN Bay Area)