SANTA CLARA — Raiders owner Mark Davis said Thursday that his team is in the middle of an appeal of a decision by the Santa Clara City Council to deny it a $750 million bond package that it had sought and that would have funded a $1.2 billion stadium and associated infrastructure.
The council’s vote, approved by a vote of 6-3, was made public on Thursday.
Davis has said the Raiders have a good case for getting the $750 billion bond money back.
Davis said the council’s decision to reject the proposal has him concerned that it will delay the Raiders’ $1 billion project.
Raiders CEO Kevin Gilbride said Thursday he was confident the team could get the money back under a settlement reached with the city.
Davis, a longtime Republican who owns the Raiders, has said that he is prepared to accept a $50 million settlement with the council, though he declined to discuss how much.
“The Raiders will take care of themselves,” Davis said.
“I am not interested in having to go to court to do something that is in our best interests.”
The Raiders, who have been playing in the Santa Cruz National Forest since the 1950s, would need to find a $75 million surplus to pay off the bond issue, but Davis said he expects the team to have a surplus that’s enough to pay for the stadium and related infrastructure.
“That is a fair and reasonable amount of money,” Davis told The Associated Press by phone Thursday.
“There is a way to get it back.
We are going to find it.”
He said that would include using a portion of the surplus to help pay for a new stadium.
Davis declined to say how much the team might owe, citing a confidentiality agreement with the Raiders.
Raiders officials say they don’t expect the money to be returned until the team completes a review of the Santa Barbara County stadium.
The Raiders have had difficulty securing private financing for their stadium plan in recent years.
The team has faced a series of challenges, including the loss of a former NFL stadium in Inglewood, California, and a proposal to build a new NFL stadium at the former Coliseum in Oakland, where the Raiders played from 1972 to 1995.
The NFL and other teams have raised questions about the Raiders stadium plan, which has been plagued by construction delays and cost overruns.
In June, a federal judge ordered the Raiders to pay the city $3 million in back taxes and other costs associated with the project.
The court also ordered the city to approve the team’s new stadium plan and the land-use agreement it negotiated with the county.
The lawsuit seeks to block the city from voting on the stadium project because it was built before the NFL franchise was formed in 1950.
The case is the latest legal headache for Davis.
In November, he and his wife, Sherri, filed for divorce after more than two decades of marriage.
The divorce comes less than two weeks after the Oakland Raiders were named the league’s worst franchise in the 2016 season by ESPN’s Mike Sando.
Davis was forced to resign as Raiders owner last year amid a dispute over a plan to move the team from Oakland to Las Vegas.
He also faced legal problems over a dispute with the state over an NFL-mandated $2.4 million payment he made to a gambling company.
The legal dispute over the payments ended in October, and the league settled the case.