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November 19, 2009
Raiders re-up in Oakland through 2013
In what has to be classified as a major surprise, the Oakland Raiders have agreed to a three-year lease extension at the Oakland Coliseum, keeping the team there through 2013 — and are even agreeing to a $5 million a year rent hike.
"To be honest, I was looking for more money," city councilman (and Coliseum Authority co-chair) Ignacio de la Fuente tells the San Francisco Chronicle, noting that stadium operations and debt on Mount Davis currently comes to $12 million a year. "The reality is that the original Raiders deal did not work out very well for us, but at this point, we might as well try to work out a long-term lease and a long-term solution."
Unless there are further details that are going unreported (like, say, hidden rent kickbacks), this seems like a pretty good negotiating job by de la Fuente, especially given the threat posed by the new Los Angeles stadium. (Though it's worth noting that wouldn't be built until at least 2012, so the Raiders presumably needed to extend their lease for at least one year.) The city, county, and stadium authority all still need to sign off on the deal, which is expected by the end of the year.