A's, Raiders home now Overstock.com Coliseum
OAKLAND, Calif. (KGO) -- Overstock.com, an online retailer known for offering deals Wednesday morning signed a deal to officially put its name on the Oakland Coliseum.
Overstock says fans can also call it 'The Big O." The Utah-based company plans to start putting up signs within 30 days.
"Before I walked into this building, I was looking at all the places where all the signage can go," Overstock.com Senior VP of Marketing Stormy Simon said. "This building his historical, big, vast. I can't wait to get our logo on that big huge sign out there."
The agreement is a six-year deal. Overstock will pay $1.2 million the first year with a 3 percent increase every year after.
Fifty percent of the money will go to the Oakland Alameda County Coliseum Authority, the other half to the Raiders. The A's are not in the loop because the team already has an agreement in which it receives profits from the advertising signage inside the coliseum.
Both sides have outs in the agreement. The authority can terminate the agreement if both the Raiders and the A's leave Oakland. Overstock can terminate the agreement if either team leaves. Right now, both the A's and Raiders have leases to play at the coliseum until 2013.
The authority has been looking for a new corporate sponsor since 2008, when computer virus software company, MacAfee declined to extend its yearly contract.
The chair of the authority and Oakland City Councilmember Ignacio De La Fuente says the wait has been worth it.
"Sometimes, we kind of wait for good deals," he said. "I think this is a good deal. It's additional resources, money for the city and county."
Overstock also has the rights to the website URL O.co, so it could change the name and signage if it wants, but the company has not yet decided.
oakland athletics, oakland raiders, oakland, oakland coliseum, nfl, janelle wang
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