5:28pm: Davis called the deal a “win-win situation,” according to Michael David Smith of Pro Football Talk. “It gives us an opportunity to work on a permanent facility here in Oakland,” Davis said. “It gives us some certainty for this season as well as flexibility for the next two seasons. . . . My heart is here in Oakland.”
Davis also hired real estate executive Larry MacNeil, per Smith, to assist in negotiations for a long-term stadium deal in Oakland. MacNeil previously aided the 49ers in their move into Levi’s Stadium
5:18pm: Options for 2017 and 2018 are part of this agreement, Bair reports (on Twitter). The Raiders have played on one-year options for the past two seasons. This furthers the team’s flexibility as it searches for a long-term stadium solution in the Bay Area and elsewhere.
5:13pm: The team announced the agreement, per Scott Bair of CSNBayArea.com. Bair notes the Raiders will pursue other options for their long-term future during this span. Sources told the Bay Area reporter the team will take an extensive look at San Diego if the Chargers decide to join the Rams in Los Angeles.
3:58pm: The Raiders will announce a new one-year agreement with O.co Coliseum today, Albert Breer of the NFL Network confirms (Twitter link).
2:00pm: The Raiders will make an announcement on the future of the franchise later this afternoon, according to a press release issued today (Twitter link via Vincent Bonsignore of the Los Angeles Daily News). While it hasn’t been officially confirmed yet, the team is expected to announce – at 3:00pm pacific time – that it has reached an agreement to extend its lease for at least one year at Oakland’s O.co Coliseum.
[RELATED: Raiders expect to play in Oakland in 2016]
Once the Rams’ Inglewood stadium project was approved, with the Chargers getting first dibs to join Stan Kroenke‘s team in Los Angeles, it left the Raiders in limbo for the time being. The Raiders will get the opportunity to join the Rams in L.A. a year from now if Dean Spanos and the Chargers turn down that option and remain in San Diego. But for the short term, Mark Davis doesn’t have many viable options outside of renewing his lease with O.co Coliseum and remaining in Oakland for now.
We heard a couple weeks ago that the Raiders were discussing a short-term lease with O.co Coliseum and the city of Oakland. However, the club has also been exploring possible relocation options. Davis recently paid a visit to Las Vegas, where a plan for an NFL stadium has been proposed, and San Antonio is said to be courting the Raiders as well. If the Chargers end up relocating to Los Angeles in 2017, the Raiders also figure to consider San Diego as a potential long-term home.
Assuming today’s announcement isn’t a total shocker though, it appears the Raiders will spend at least one more season in Oakland. If the team reaches a short-term lease agreement with O.co Coliseum, that deal will likely feature an option year or two, notes Bonsignore (via Twitter). That would give the franchise some flexibility in 2017 and beyond as Davis considers all his options, and would lock in the price of rent for the short term.
Photo courtesy of USA Today Sports Images.