OKs New Lease Extension
The Oakland-Alameda County Coliseum Authority on March 25 approved a new lease extension for the Raiders that more than triples the NFL team's rent to use O.co Coliseum and their training facility in Alameda, according to published reports.
The new lease agreement reportedly now heads to the Alameda County Board of Supervisors and Oakland City Council, who must give approval.
Update: The Oakland City Council and Alameda County Board of Supervisors voted on April 19 to give final approval to an agreement that keeps the Raiders in Oakland for the 2016 season.
For the 2016-17 NFL season, the Raiders will pay $3.5 million in rent, up from $925,000 they paid last season, according to the terms of the contract. While rent remains the same for the Alameda training facility at $525,000, rent for the stadium is going up from $400,000 last season to just under $3 million this coming season, according to the lease extension.
The one-year lease extension, which includes options to play in Oakland for two additional seasons,
Reports: Raiders Agree To Deal With Coliseum
The agreement with the Oakland-Alameda County Coliseum Joint Powers Authority insures that the team will play the 2016 season in the same stadium it has called home since 1995. It also carries two one-year team options for the 2017 and 2018 seasons.
“It gives us an opportunity to work on a permanent facility for the Raiders here in Oakland,” Davis told reporters at a news conference in Oakland on Feb. 11. “It gives us some certainty for this season as well as flexibility for the following two seasons.”
The deal reportedly needs approval of the Oakland City Council and Alameda County Board of Supervisors. Both are expected to meet to discuss the terms of the agreement within the next few weeks.
“I feel very optimistic about the situation,” JPA Chair and Oakland City Councilman Larry Reid told The Associated Press. “It gives (Oakland mayor Libby Schaaf) and her team an opportunity to work with the Raiders on putting together a perm facility that will keep the Raiders here in the city of Oakland. This is an NFL city.”