On Friday, the Coliseum Authority just voted unanimously to approve Raiders’ stadium lease, which allows the team to stay in Oakland until they officially relocate to Las Vegas, per Michael Gehlken.
Gehlken says there are two more votes required before the lease is official, but approval is widely expected.
The Raiders to pay $7.5M to rent the Oakland-Alameda County Coliseum, which is up $4 million from last year, per Gehlken. They will also carry a $10.5M option for 2020 season if Las Vegas stadium not ready that must be exercised by April 1, 2020.
Reports from the past few months have said that it was likely the Raiders and the Coliseum Authority were going to get a deal done to keep the team in Oakland for another season, so this shouldn’t come as much of a surprise.
One report mentioned that the Raiders are expected to pay $7.5 million this year with the rent rising to $10.5 million if the team stays on through 2020. The option year is simply insurance in the event the team’s brand new stadium in Las Vegas isn’t completed in time for 2020 season.
Several temporary homes for the Raiders had been floated including San Diego, San Antonio, Reno and even London, but the easiest solution from a logistical standpoint has been to remain in the Bay Area.
The Raiders nearly agreed to play at Oracle Park before the 49ers prevented them from striking a deal.
The NFL needed to have a location for all 32 teams in order to put together the full schedule for next season and the Raiders’ 2019 home was the final issue to be addressed.
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