The Oakland Raiders have renewed their lease at O.Co Coliseum, and are getting a steep rent hike in the process. The lease deal also includes the team's training facility in Alameda, California.
The Oakland-Alameda County Coliseum Authority approved the team’s one-year lease Friday, reports the San Francisco Chronicle. The deal includes a pair of one-year extension options.
The Raiders paid just $925,000 for use of the stadium and training facility last year. This year, they'll pay $3.5 million. The difference is to help compensate for a deficit.
"We just sat down and took a look at the finances," P. Scott McKibben, who heads the authority, said. "This was the amount of rent that was required to get us back to being neutral."
The lease isn't completely official yet. It still needs approval from the Oakland City Council and the Alameda County Board of Supervisors. That process could take a few weeks, but should be completed.Back to the Oakland Raiders Newsfeed