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Upon receiving the license, businesspeople were willing to invest in Oakland civic, the new team. A limited partnership was formed headed by managing general partner Chet Soda, a local real estate developer, and included general partners Ed McGah, Robert Osborne, Wayne Valley, Harvey Binns, Don Blessing, and Charles Harney as well as numerous limited partners. The owners changed the team's name to the Oakland Raiders, which had finished third in the naming contest. The original team colors were black, gold and white. The team sign of a pirate ("raider") wearing a football helmet was created, reportedly a version of actor Randolph Scott.