Raiders fans will get to root for their team in Oakland one more season.
After months of searching for a temporary home, owner Mark Davis settled on the Oakland-Alameda Coliseum after reaching a lease deal Friday with East Bay officials.
The Coliseum Stadium Authority board at its Friday meeting voted unanimously to approve the lease extension.
The Raiders will pay $7.5 million, plus $750,000 they owe from previous parking fees to play nine home games in Oakland where they have a devoted fan base. The rent would increase to $10.5 million if the team exercises an option year, a provision added in case construction in Las Vegas stalls. As part of the agreement, the team pays $525,000 for the practice facility and is allowed to continue using it for 36 months after relocating to Las Vegas.
The agreement also includes an option to stay for the 2020 season in case the Raiders’ new $1.84 billion, 62,228-seat stadium in Las Vegas isn’t ready next year. If that happens, the rent would increase to $10.5 million. The Raiders also won’t get to share naming rights revenue in 2019 if the Coliseum finds a corporate sponsor, according to a source with knowledge of the terms.
Oakland City Council and Alameda County supervisors still need to approve the deal.
The Raiders are expected to vacate after the 2019 season because the construction of southern Nevada’s domed stadium has not experienced any delays or budget overruns, according to a Dec. 31 Las Vegas Stadium Authority status report. The stadium is scheduled to be finished by July 31, 2020.