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The Oakland Raiders football organization has extended its lease at the Oakland Coliseum through 2013, the San Francisco Chronicle reports. The previous lease committed the Raiders to the Coliseum -- and remaining in the city of Oakland -- only through 2010.
Three years is not an enormous extension, but it comes at a critical time. The City of Industry outside Los Angeles had recently obtained funding to build an NFL stadium, and the Raiders were on their list of teams to try to lure in.
More importantly, the Raiders and Coliseum Authority say they're also working on arrangements to keep the Raiders in Oakland beyond 2013. Raiders CEO Amy Trask the Chronicle that the two parties "have discussed some exciting concepts with us."
One of the exciting concepts for the city of Oakland was the Raiders agreeing to pay an additional $5 million on the new lease. The city estimates they lose $12 million a year on the current deal.