July 4 (Bloomberg) -- The Oakland Athletics reached an agreement on a 10-year extension through the 2024 Major League Baseball season at O.co Coliseum after saying they would move without a new long-term lease.
The A’s committed more than $10 million for stadium improvements as part of the agreement, which the team said in a statement settles “all outstanding issues” with the Oakland-Alameda County Coliseum Authority. The agreement still needs approval this month from the Oakland City Council and Alameda County Board of Supervisors.
“This agreement works well for city and county taxpayers, the team, A’s fans and all involved,” Athletics owner Lew Wolff said yesterday in a statement. “It provides stability for the A’s while also improving fan and player experience with significant upgrades and improvements at the facility.”
Wolff told city officials he had approval from the MLB commissioner’s office to move the franchise if a new lease deal wasn’t approved by yesterday, according to the Oakland Tribune. San Jose, California, was a possible destination for the team, which has the best record in the major leagues at 51-33.
The A’s will pay for upgrades including new high-definition video boards and related control room equipment, while the Coliseum Authority is responsible for any necessary structural work at the O.co Coliseum. All upgrades and improvements will be completed by the start of the 2015 season, the Athletics said.
The team also said the new lease offers flexibility if private money becomes available for a new facility for the National Football League’s Oakland Raiders. The Athletics and Raiders currently share the O.co Coliseum, which opened in 1966 and underwent a $120 million renovation in 1995.
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