March 24, 2017

Hon. Libby Schaaf
City of Oakland
1 Frank H. Ogawa Plaza, 3d Floor
Oakland, CA 94612

Dear Mayor Schaaf:

We have had an opportunity to review the material your office released today regarding a
stadium project in Oakland for the Raiders.

Before addressing the substance of the material, I want to personally thank you for your
leadership and for the time and effort you have devoted to addressing the Raiders’ stadium needs
and to keeping Oakland as an NFL community. As you have said more than once, the
unquestioned need to replace the current stadium has been hampered by a long record of
unrealistic and unkept promises that has complicated your efforts and constrained your options. I
know from my own discussions with you, as well as those that have involved our staffs, that you
and your team have made every effort to be accessible, creative, and diligent in exploring
alternatives. I am grateful to you for doing so, and our member clubs are as well.

I particularly want to thank you for meeting on two occasions with our Finance and
Stadium Committees, and much of our executive staff, most recently at our committee meetings
on March 6. Those two committees consist of 18 owners and have devoted considerable time and
attention to the Raiders. They will be presenting their analysis and recommendations to the full
membership next week. Your presentations to those committees, as well as the many discussions
between our staffs, have been valuable in giving us an understanding of the opportunity available
to the Raiders in Oakland.

The material that we reviewed earlier today confirms certain information that had
previously been communicated orally, such as a willingness to bring bank financing to a stadium
project, and a proposed valuation of the land at the Coliseum site. It also confirms that key
issues that we have identified as threshold considerations are simply not resolvable in a
reasonable time. In that respect, the information sent today does not present a proposal that is
clear and specific, actionable in a reasonable timeframe, and free of major contingencies.

In making this assessment, we recognize and accept the core negotiating principles that
you have articulated as being appropriate to your community. A significant number of NFL
Hon. Libby Schaaf
March 24, 2017
Page two

clubs play in stadiums that have little or no public financial support (including the stadium being
built in Los Angeles). We have long accepted your position that no public funds are available for
stadium construction in Oakland. We also accept that you do not wish to exercise (and may not
be able to exercise) the contractual termination rights related to the A’s.

We have been prepared for nearly two years to work on finding a solution based on
access to land at a certain cost, without constraints on the location of the stadium or timing of
construction, and clarity on overall development. However, at this date, there remains no
certainty regarding how the site will be fully developed, or the specific and contractually-defined
nature of the participation by Fortress or other parties. In addition, the long-term nature of the
commitment to the A’s remains a significant complication and the resolution of that issue
remains unknown. Other significant uncertainties, which we have previously identified, remain

We had hoped that the past two years would have allowed both of us to develop a viable
project in Oakland. You have provided valuable leadership; for our part, our clubs have
repeatedly delayed any relocation by the Raiders and committed an additional $100 million in
NFL financial support (for a total of $300 million) to a stadium project in Oakland. We have had
regular communications with you, your staff, and more recently with Mr. Lott and his
colleagues. And of course, many of our owners have met with you directly, as noted earlier.

Despite all of these efforts, ours and yours, we have not yet identified a viable solution. It
is disappointing to me and our clubs to have come to that conclusion.

At our upcoming meeting, the clubs will consider the Raiders’ application to move to Las
Vegas. A key part of that discussion will be a thorough review of our collective efforts in
Oakland. I will contact you promptly regarding any decisions made next week.

Thank you again for your leadership and for the material of earlier today.