The Oakland Raiders and O.Co Coliseum agreed to a new lease extension to keep the Raiders playing in the stadium for at least one more year, but it's costing Mark Davis and the team.
The Oakland Tribune reported Friday that the team will pay more than three-times what they paid last season for the one-year lease extension. The team reportedly paid $925,000 last season, but will pay $3.5 million for the upcoming season.
The deal was approved by the Oakland-Alameda County Coliseum Authority on Friday morning and will now go to Alameda County and Oakland City Council to be approved.
According to the Oakland Tribune, the increase is caused by increased costs for game-day operations, such as security.
The extension also gives the Raiders the option to stay for two more years, unless they find something better long-term.
Owner Mark Davis has continued to look elsewhere, including meeting with the governor of Nevada about a possible stadium in Las Vegas.