A's reach 10-year lease extension to stay in O.co Coliseum

Oakland, CA (SportsNetwork.com) - The rundown O.co Coliseum will remain the home of the Oakland Athletics for another 10 years.

The Athletics and the Oakland-Alameda County Coliseum Authority agreed on a new 10-year extension to play games at O.co Coliseum through the 2024 season, the team announced Thursday.

The agreement will be finalized after approvals from both the Oakland City Council and Alameda County Board of Supervisors in July.

The last-minute deal occurred after Major League Baseball commissioner Bud Selig gave the team permission to move out of Oakland immediately if a Coliseum lease extension wasn't finalized by the end of the day on Thursday, according to the San Francisco Chronicle.

The eight-member Oakland-Alameda County Joint Powers Authority reportedly voted 6-2 to approve the A's 10-year Coliseum lease.

Among the terms of the new 10-year lease extension:

- Settlement of all outstanding issues between the two parties.

- A commitment of more than $10 million by the A's to significantly upgrade the O.Co Coliseum, including the installation of new HD video boards, "ribbon boards" between the field and plaza level of the stadium, and associated control room equipment. The Coliseum Authority will pay for any necessary structural work. All upgrades and improvements will be completed by Opening Night 2015.

- The contract takes into account the possibility of progress towards building a new football facility for the Oakland Raiders. If private money becomes available for such a venue, the A's and the Coliseum Authority recognize that a variety of next steps would be considered to ensure maximum flexibility for both the A's and Raiders.

"This is truly a fantastic day for Oakland A's fans, Oakland taxpayers, public entities, and the team," said Coliseum Authority Chairman Nate Miley, who serves as an Alameda County Supervisor. "By reaching this agreement, both the franchise and the community have charted a course of stability for the next decade. We know that the A's and their loyal, passionate fans will be connected for years to come at the Coliseum site."

The Coliseum was built in 1966 and is the only multi-purpose stadium left to serve as a full-time home to both a Major League Baseball team and a National Football League team in the United States. The aging facility has had multiple sewage problems and electricity issues in the past year.

The A's, who have won four World Series Championships during their time in Oakland and are vying for their third consecutive American League West title this season, will celebrate their 50th anniversary of playing in Oakland in 2018.