OAKLAND, Calif. (KGO) --While Oakland city officials acknowledge they still don't have any signed paperwork from the Athletics, the team says they have agreed to a 10-year lease extension to stay in Oakland.
Team owner Lew Wolff said Tuesday that after reviewing several modifications made by the Oakland City Council last week, he has agreed to the terms of the lease to keep the team playing at the O.co Coliseum.
The terms of the lease include:
In a statement, the team said: "The Oakland A's have come to an agreement with the JPA on all outstanding points regarding a new 10-year lease at the Coliseum. The Alameda County Board of Supervisors, are scheduled to vote on the lease July 29. We appreciate the cooperation and efforts of Oakland city officials in this process and are optimistic that our negotiations have led to a fair and mutually-beneficial relationship. Most of all, we are happy for our great fans who, pending the county's vote, will know that the Oakland Athletics will continue to play its games at O.co Coliseum."
The deal must still be approved next week by the Alameda County Board of Supervisors, who have previously announced its support.
The extension has already been approved by the board of the Oakland Alameda County Coliseum Authority, a government entity that oversees the coliseum. The deal is expected to bring in an estimated $20 million to the city and county.
Oakland City Council President Pro Tem Rebecca Kaplan represents the City of Oakland on the Coliseum Authority. "We look forward to moving forward with Alameda County as we finalize this deal to keep our team in Oakland to preserve over 1,000 jobs that are tied to our sports teams and to build a stronger future," she said.
Earlier this year, the stakeholders walked away from the negotiating table.
"I knew that losing our teams would be devastating for our fans and our economy, so I stepped up and sat down along with Alameda County Supervisor Scott Haggerty and asked Lew Wolff and the A's to stay," Kaplan said in a statement. "And just last week, the A's were ready to walk away again after the City Council made several minor changes to the deal. That night, I called Lew Wolff and asked that he at least look at it. I'm glad that he did, and I couldn't be more pleased that we have a deal."
The Coliseum has hosted the A's since 1968, but the facility has recently had sewage and lighting problems. The team and the city had been in bitter negotiations over the terms of a new deal before inching closer to an agreement in recent weeks.
Baseball commissioner Bud Selig called the deal an important development in keeping the Athletics in Oakland over the long term.
"We had a few tough moments, but overall I sensed the last week it was going in the right direction," Selig said Tuesday while speaking in Pittsburgh. "I'm very pleased. It's one step, one important step, to overall solving that problem."
The Associated Press contributed to this report.