October 17, 2006 > Coliseum board approves lease extension for A's
Coliseum board approves lease extension for A's
OAKLAND, Calif. (AP), Oct 13 _ The Oakland Athletics' landlord unanimously approved a lease extension Friday that could keep the team at McAfee Coliseum as long as 2013 and add $2.8 million to public coffers.
The Oakland-Alameda County Coliseum Authority is supporting a deal that would keep the A's at least until 2010 and also gives the team three one-year options that could extend the lease through 2013, which would bring in an additional $3 million in rent.
In return, the A's will keep control of concessions for all events at the Coliseum, including Oakland Raiders games.
The deal allows the A's to cancel their lease without penalties if the team leaves for another stadium in Alameda County.
A's owner Lewis Wolff has expressed interest in moving the team to Fremont, about 20 miles south of Oakland in the same county, and the Oakland Tribune reported earlier this week that Wolff's company purchased 10 acres of land near the Fremont site that the A's have eyed for a new stadium.
The terms of the lease extension also include the end of attendance-based rent payments.
Under the current lease, which runs through 2007, the team shared half of its revenue from ticket sales after 2 million tickets were sold. This year, the team brought in 1.9 million fans for home games.
Alameda County, Oakland and the team itself still must approve the deal. According to the authority, all parties have agreed to it in principle.