The Oakland Raiders National Football League (NFL) franchise has extended its lease arrangement with the Oakland Coliseum for a further year.
The Raiders had been competing with the St Louis Rams and the San Diego Chargers in a bid to relocate to Los Angeles, but retracted the application at the eleventh hour of a process which ultimately ruled in the Rams favour.
The Chargers have been granted a one-year option on a decision to join the Rams in LA; should the option not be taken up, the Raiders will be given a similar one-year option.
Financial details on the new lease have not been revealed, but Oakland-Alameda County Coliseum Joint Powers Authority chairman Larry Reid told the AP that it “is a much better lease agreement than the one that's due to expire on 17th February. That shows the Raiders commitment to sit down and get a deal done.”
“It gives us an opportunity to work on a permanent facility for the Raiders here in Oakland,” Raiders owner Mark Davis said. “It gives us some certainty for this season as well as flexibility for the following two seasons.”
The agreement will see the Raiders remain in the o.Co Coliseum for 2016, with two one-year extension options to follow.
The Raiders currently share the Coliseum with the Oakland Athletics Major League Baseball (MLB) team, themselves exploring options on a new baseball-specific venue, and have called the stadium home since 1995.
The agreement is awaiting approval of Oakland City Council and Alameda County Board of Supervisors.
The Oakland Raiders National Football League (NFL) franchise has extended its lease arrangement with the Oakland Coliseum for a further year.
The Raiders had been competing with the St Louis Rams and the San Diego Chargers in a bid to relocate to Los Angeles, but retracted the application at the eleventh hour of a process which ultimately ruled in the Rams favour.
The Chargers have been granted a one-year option on a decision to join the Rams in LA; should the option not be taken up, the Raiders will be given a similar one-year option.
Financial details on the new lease have not been revealed, but Oakland-Alameda County Coliseum Joint Powers Authority chairman Larry Reid told the AP that it “is a much better lease agreement than the one that's due to expire on 17th February. That shows the Raiders commitment to sit down and get a deal done.”
“It gives us an opportunity to work on a permanent facility for the Raiders here in Oakland,” Raiders owner Mark Davis said. “It gives us some certainty for this season as well as flexibility for the following two seasons.”
The agreement will see the Raiders remain in the o.Co Coliseum for 2016, with two one-year extension options to follow.
The Raiders currently share the Coliseum with the Oakland Athletics Major League Baseball (MLB) team, themselves exploring options on a new baseball-specific venue, and have called the stadium home since 1995.
The agreement is awaiting approval of Oakland City Council and Alameda County Board of Supervisors.
