Oakland Raiders

Raiders Renew O.co Coliseum Lease: Latest Contract Details, Comments, Reaction

Fans tailgate at O.co Coliseum before an NFL football game between the Oakland Raiders and the San Diego Chargers in Oakland, Calif., Thursday, Dec. 24, 2015. (AP Photo/Marcio Jose Sanchez)
Marcio Jose Sanchez/Associated Press
Mike ChiariFeatured ColumnistMarch 25, 2016

The Oakland Raiders officially have a home for the 2016 NFL season, as the Oakland-Alameda County Coliseum Authority unanimously approved a one-year lease at the O.co Coliseum on Friday.

Continue for updates.


Financial Details for Raiders' Lease Revealed

Friday, March 25

According to Rachel Swan of the San Francisco Chronicle, the lease includes a rent price hike from $925,000 to $3.5 million as well as options for a pair of one-year extensions.

Per Swan, Oakland-Alameda County Coliseum Authority head P. Scott McKibben explained the reasoning behind the rising rent cost: "We just sat down and took a look at the finances. This was the amount of rent that was required to get us back to being neutral."

The Raiders attempted to make a move to Los Angeles in the offseason, but they were beaten out by the L.A. Rams, which put them in a precarious position without a lease.

Despite the uncertainty, NFL Commissioner Roger Goodell said in February that Raiders owner Mark Davis wanted to remain in Oakland over the long haul, according to Jimmy Durkin of the San Jose Mercury News:

I spoke to Mark Davis yesterday and he indicated he had a similar view -- that he wanted to play the 2016 season in Oakland and wants to get a long-term solution in the Bay Area, in the Oakland market. For us, this is a positive thing, a positive thing for our fans. We just have to work to try to get those long-term stadium solutions so that teams can continue to be successful in those markets. They're great markets.

While the Raiders' long-term future is still in question, the fact that the organization has options beyond 2016 at O.co Coliseum is a positive sign that it could remain in Oakland for the next few years until reaching a permanent solution.

The Raiders appear to be on the rise thanks to quarterback Derek Carr, wide receiver Amari Cooper and defensive end Khalil Mack, among other stars, which makes it even more integral to have some semblance of certainty when it comes to where they'll be playing for the foreseeable future.

 

Follow @MikeChiari on Twitter.

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