ALAMEDA, California — The Oakland Raiders are close to signing a one-year extension to remain at the Coliseum for the 2015 season.
Owner Mark Davis said Friday that an agreement has been reached and is just awaiting formal approval from the city, county and NFL before the team can officially sign it.
The Raiders are searching for a long-term solution to their stadium situation as they look for a home to replace the dilapidated Coliseum.
"I would have liked to know yesterday but again this is reality," Davis said.
Davis reiterated that his first choice is getting a new stadium in Oakland but he has talked to officials in San Antonio and is monitoring the stadium situation in Los Angeles.
Davis said the atmosphere at a Thursday night game in the rain against Kansas City when the Raiders got their first win of the season after 10 straight losses and a win over San Francisco in December proved the commitment of the fan base.
"We want to be here," Davis said. "We're not using any other place, city or whatever, as leverage. It's not that way. It's known that no matter what we do here, it will not be as valuable or economically as great for the Raiders as if we went somewhere else. That's known. But we still want to be here."
Davis said the team and league would be willing to commit $500 million to a new stadium in Oakland and that an additional $500 million would be needed. The Coliseum is the only stadium that is home to both an NFL and major league baseball team.
The Raiders have also promoted chief financial officer Marc Badain to team president. Badain had been handling many of those responsibilities ever since team CEO Amy Trask left the organization nearly two years ago.
Badain will focus almost exclusively on the business side of the team with the search for a new stadium being the top priority.
"He's been doing a phenomenal job," Davis said. "It was just time to take the tag off. He's president. He will also be focusing on the stadium situation."