Fortress Sold to SoftBank and Its Impact on Possible Oakland StadiumYesterday’s news that
Fortress Investment Group LLC was sold to SoftBank created quite the buzz among Oakland Raiders fans. Many speculated, including myself, that this news could possibly be the end of Fortress’s involvement with Oakland and Alameda County.
Apparently that possibility was premature.
NFL Insider for the Los Angeles Daily News, Vincent Bonsignore, reported on twitter that he spoke with Fortress spokesperson Sam Singer. Mr Singer reaffirmed Fortress’ position with Oakland and Alameda. Not only that, but also said that Fortress is set to sign an Exclusive Negotiating Agreement(ENA) with the city and county on February 28th.
The Bay Area News Group posted the term sheet on Scribd last December.
Per the term sheet, the Lott Group will deposit $2 million dollars with the city upon signing the ENA. And that money will be used to cover any costs due to planing, legal, or development fees. This ENA period will last until February 28th 2018. But it can be extended for another two, 180 day, periods by the city administrator.
The purpose of this ENA period is to word towards a Disposition and Development Agreement(DDA). That means a development agreement, and in this instance, to build a 55k capacity stadium for the Raiders.
However, there is more to this than just a stadium. There are other parts of this deal. A possible ballpark for the Oakland Athletics, hotels, and tech development. Additionally, possible residential development as well.
An interesting facet of the ENA terms is if the Raiders are approved for relocation by the NFL. It states that there is a 30 day window to negotiate an alternate use of the Coliseum land. Should the city and county decide not to pursue another NFL team.
In an interview with KTVU Fox 2 Oakland Mayor Libby Schaaf said,
“I am willing to lose the team if public money is the issue”
“I remain focused… neither dance nor pout. Vegas is not over, but believe me Oakland is not over either.”
Should we believe her?
Is it possible that the Mayor, who has stated her preference for the A’s, is working an angle to push the Raiders out? The NFL has already stated multiple times that it is not keen on working with Fortress.
We know that SoftBank made a commitment to invest $50 Billion in the U.S. back in December. We also know from their website that they specialize in the tech industry. Specifically mobile technology, but not limited to that.
Could it be that the Mayor is working to develop the Coliseum land, not for a stadium for the Raiders, but as part of a tech gentrification plan?
Unfortunately this ENA continues to prevent the Raiders or NFL in negotiating directly with Oakland and Alameda.
Maybe that was the plan all along. A special thanks to Vincent Bonsignore @dailynewsvinny who was gracious enough to allow me permission to use this exclusive interview with Sam Singer of Fortress Investment Group.
