The team will continue to play at 48-year-old O.co Coliseum for the next 10 seasons.
Wolff said he still wants to build a new stadium and will "engage in good-faith discussions" to stay in Oakland. Wolff’s business group also is building a 17,000-seat soccer stadium in San Jose without using public funds.
"I believe our development experience and financial capabilities are as strong, credible and proven as you and the City Council would desire," Wolff wrote in a letter to City Administrator Henry Gardner.
If Wolff wants to move the team, the lease says he can do so as early as December 2017, but must give the city two year's notice. The team would have to pay the rent on the remaining years of the lease.
- Scooby Axson