OAKLAND — A group of investors proposing to purchase the Coliseum land from the city and county have withdrawn their offer, their attorney said in a letter to Mayor Libby Schaaf.

Attorney Martin J. Greenberg, in a letter sent Thursday, said his clients are retracting their offer of $167 million to purchase the property after Schaaf told this newspaper she would not recommend their proposal to the City Council.

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“We were willing to undertake this in rapid fashion, to essentially relieve the taxpayers of Alameda County of a potentially expensive and unknown future burden,” Greenberg wrote, referring to debt owed to the public entities.

He went on, “then yesterday afternoon with overwhelming shock, we read with great dismay and disappointment that you and your administration did not recommend the proposal be forwarded to the City Council for consideration.”

The investment group includes Egbert Perry, who is an Atlanta developer, chairman of the board at Fannie Mae and CEO of The Integral Group, a real estate firm that is one of the largest African-American-owned businesses in the United States. Perry was at one time named as a member of NFL Hall of Famer Ronnie Lott’s group working on a deal with local leaders to keep the Raiders in Oakland.

However, Greenberg said his clients, including Perry, are not affiliated with Lott. A city source with knowledge of the stadium negotiations said Perry sent the proposal without consulting Lott and his partner, former NFL quarterback Rodney Peete. As a result, they severed ties with Perry, the source said.

Others have expressed interest in the Coliseum property, from a group of investors in Mexico to a financial group in Illinois, who will have members in Oakland next week to meet with local leaders, the source said.

As of now, the city and county only have a letter of intent to work with Lott and Peete.

Schaaf has said the city entered a 90-day memorandum of understanding with Lott’s group to try to find a way to keep the Raiders here. The city did not want to enter into an exclusive negotiating agreement like it did with Floyd Kephart’s failed stadium attempt, City Hall sources said.

“The ultimate goal of the purchase was taxpayer relief, job creation, increased assessed valuation, and creating economic opportunities for the taxpayers of Alameda County,” Greenberg wrote in his latest letter to the mayor. “The result hopefully was to maintain Oakland as a professional sports destination with a vibrant and first-class sports and entertainment district. What was planned was potentially billions of dollars worth of private real estate improvements, including sports facilities.”

Schaaf on Tuesday said her administration and city leaders are committed to finding a “team-centered development” that involves the Raiders and the NFL. The mayor and other local politicians and business leaders met this week with NFL executive Eric Grubman. Those meetings included Lott, a former defensive back for the 49ers and Raiders.

Grubman is the NFL’s point man on stadium construction and franchise retention. His visit came as NFL Commissioner Roger Goodell said a solution exists to keep the Raiders in Oakland.

The Nevada legislature is expected next month to vote on raising taxes on hotel rooms to help finance an estimated $1.2 billion domed stadium in Las Vegas proposed by the team and casino mogul Sheldon Adelson.

To read the letter, go to https://www.scribd.com/document/325066650/Coliseum-letter.