The A’s have reached an agreement on a 10-year lease extension to continue calling the Oakland Coliseum their home.

The news came Wednesday afternoon after months of negotiations with the Oakland-Alameda County Coliseum Authority, which oversees the venue. The previous lease was due to expire after the 2015 season.

The deal still needs to officially be approved by the Authority, the city of Oakland and Alameda County Board of Supervisors.

What all of this means for the A’s ultimate quest to build a new ballpark, somewhere in the Bay Area, remains to be seen.

MLB commissioner Bud Selig praised both the A’s and the Authority for reaching an agreement. Selig also was outspoken in throwing his support behind the current Coliseum site as the best site for a new ballpark in Oakland, as opposed to the Howard Terminal site near Jack London Square. It’s the rare instance where the commissioner has made any concrete statements regarding the A’s and their pursuit of a new ballpark.