OAKLAND, Calif. (AP) — The authority that operates O.co Coliseum has approved a new lease extension for the Oakland Raiders that more than triples the team’s rent to use the stadium and their training facility in nearby Alameda.
The Oakland Tribune reports Friday that the team will now shell out $3.5 million in rent, up from $925,000 it paid last season.
The Oakland-Alameda County Coliseum Authority approved the agreement at a meeting Friday morning. It now heads to the Alameda County Board of Supervisors and Oakland City Council, who must approve the deal.
Coliseum Executive Director Scott McKibben says the rent hike accounts for increased costs for game-day security, among other factors, the newspaper reported.
Authority officials say the extension, which includes options to play in Oakland for two additional seasons, opens the door for a long-term stadium plan in Oakland.