Coliseum board finalizes 10-year lease agreement with Oakland A's

OAKLAND, Calif. (KGO) -- A's fans can look forward to watching their team play at the O.Co Coliseum for several years to come. A 10 year lease agreement has finally been approved, but there is an out.

All the big players were in the same room at the Coliseum on Wednesday morning shaking hands. A's Managing Partner Lew Wolff joined Alameda County and Oakland city officials to recognize the completion of the new lease agreement.

"I haven't had any change of heart. I've always loved Oakland. I actually had a meeting with our architect two days ago to start looking at the coliseum site," said Wolff.

The statements from Wolff came after the Joint Powers Authority approved the 10 year lease for the A's. It was the conclusion of a protracted process that saw numerous stops and starts.

"It's been a long journey, and quite frankly I'm extremely gratified that we've been able to do this," said Nate Miley of the Joint Powers Authority Board.

The extension is for 10 years, but the A's are required to stay for at least four, through the 2018 season. Unlike prior versions of the deal, there is also a provision that allows for a new stadium to be built for the Raiders, if and when that plan comes to fruition.

"People are nervous because we're not discussing the Raiders deal in public, but this is a private deal. I can just tell them it's moving, both sides say they're going to have a deal by late summer or early fall," said Oakland Mayor Jean Quan.

If the A's opt out after the 2018 season, they would be on the hook for the balance of the $20 million dollars the team agreed to pay under the full agreement.

"So this is a win for the team, it's a win for the public, and it's a win for the future of our economic vitality in Oakland," said Oakland City Council Member Rebecca Kaplan.

The new lease comes as the A's have delivered not only the best record in baseball, but also a significant increase in attendance.