Oakland Coliseum JPA’s Scott McKibben Interview On Raiders Lease
McKibben, the Oakland Coliseum Joint Powers Authority’s Executive Director, stopped by Zennie62 on YouTube to give a kind of overview of the Raiders Lease Extension.
Mr. McKibben said “In past years we’ve lost continually money on the (Oakland) Raiders, (and now they’re) leaving town. The way our contract is set up, is they pay a lease, and we get some sharing of revenues from things such as concessions and parking, club views, and so on. And as recent as, say, last year, we were about a million and a half dollars behind. So, when we put this lease together, we wanted to make sure that we made money, we wanted to also make sure we had an opportunity to have the Raiders play here in (20)19 and an option for “20” if the stadium (Las Vegas Stadium) doesn’t get done in time. The major components of the lease are these: we increase the rent by $4 million, from $3.5 million to $7.5 million. I think it’s interesting to note that we’ve taken their rent from $900,000 to $7 million in four years.”
McKibben continued: “We’ve been aggressive in that area, and we’ve been able to show good improvement. The lease is also set up so that the Authority will have a $2 million surplus. In other words, we are pro-forming that we will do $11.4 million in revenue, which is the rent, and the concessions, and the club dues, and the parking. And we have budgeted, or proforma, $9.4 million in (NFL season) game day expenses. We pay all game day expenses, including field conversions, converting the field from football to baseball, and back to baseball. If, by chance, the Oakland Raiders go over $9.4 million, everything is capped at $9.4 million. If there is a shortfall of $11.4 million on the revenue side, the Raiders have to make up that shortfall. If, by chance, the expenses come in at less than $9.4 million, which I think they will because we budget for field conversions every year because we’re not sure what the NFL Schedule is going to be, and then Major League Baseball starts in a few weeks – their schedule is set. So, the first half-million in savings in expenses, we at the Authority keep half of it. So, our surplus would move up to $2.250 million. The remaining $250,000 goes to the Public Benefit Fund, distributed to charities in Alameda County and the City of Oakland. Now, anything over $500,000 savings, goes directly to the Raiders. So, we’re incentivizing the Raiders, and ourselves, for that, matter, to manage expenses.”
McKibben also talked about upcoming talks toward a new RingCentral Naming Rights Agreement, an indoor football league, and the outdoor Freedom Football League, or FFL. (The FFL’s CEO J.J. Lasley will be on Zennie62 on YouTube Live 8:30 PM this Wednesday, March 20th.)
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