UPDATE (Wednesday at 10:53am) -- Oakland Mayor Libby Schaaf released the following statement Wednesday morning:
"I am excited the A's made three major commitments to Oakland today. First: They are staying right where they belong – in Oakland. Second, they are building a privately financed ballpark on their own dime and not at the taxpayer's expense. And finally, they will engage residents in a serious and meaningful dialogue to address both the benefits and impacts a once-in-a-generation development will have on our community."
After a lot of speculation, the A's have decided where their next home will be.
The team hopes to build a new privately-financed stadium on a plot of land near Laney College in downtown Oakland, according to The San Francisco Chronicle.
"Finally, we've got our site. It's really the strongest location when it comes to private financing, and that's really an important component to be successful," team president Dave Kaval wrote in a letter to Peralta district Chancellor Jowel Laguerre, which was obtained by the publication.
The A's had been deciding between the land at Laney, the existing Coliseum site and Howard Terminal.
According to the The Chronicle, Kaval delivered a letter to Laguerre, stating the team's interest in buying or leasing the land.
Kaval and the A's had promised to announce their future home before the end of the calendar year.
"We firmly believe that the Peralta site represents the best opportunity to keep Oakland's last professional sports team in Oakland for the long term," Kaval wrote in the letter, according to The Chronicle.
The A's have played at the Coliseum since 1968.
— Oakland A's 🌳🐘⚾️ (@Athletics) September 13, 2017