© 2014 MLB Advanced Media, L.P. All rights reserved.

7/3/2014 4:32 P.M. ET

A's agree to extension at Coliseum through 2024

OAKLAND -- The A's and the Oakland-Alameda County Coliseum Authority have agreed on a 10-year lease extension to keep the club at the Coliseum through the 2024 season.

The agreement, announced Thursday morning following a 14-month negotiation period, will be finalized later this month once it's approved by the Oakland City Council and the Alameda County Board of Supervisors.

"After much diligence and cooperation from both parties, we are delighted to make this announcement today," A's owner Lew Wolff said in a statement released by the club. "We believe this agreement works well for city and county taxpayers, the team, A's fans and all involved. It provides stability for the A's, while also improving fan and player experience with significant upgrades and improvements at the facility."

Coliseum Authority chairman Nate Miley was also quoted in the statement, saying, "This is truly a fantastic day for Oakland A's fans, Oakland taxpayers, public entities and the team. By reaching this agreement, both the franchise and the community have charted a course of stability for the next decade. We know that the A's and their loyal, passionate fans will be connected for years to come at the Coliseum site."

The deal nearly didn't happen. On Wednesday, it was revealed that four members of the Joint Powers Authority were expected to vote against it, leading Wolff to reach out to Commissioner Bud Selig, who reportedly granted Wolff permission to move the team outside Oakland unless a deal was approved.

According to the San Francisco Chronicle, Wolff sent an email to Oakland officials at 10 p.m. Wednesday, in which he wrote: "I was informed tonight that Commissioner Selig, due to the possibility of not having the hearing and vote that we were purported to receive from the JPA, that we will immediately be allowed to seek a temporary or permanent location outside the city of Oakland."

That email prompted new negotiations, and on Thursday morning, the deal was approved by a 6-2 vote.

Among the terms of the new extension is a commitment of more than $10 million by the A's for Coliseum upgrades, including the installation of new HD videoboards, as well as ribbon boards between the field and plaza level at the stadium.

The Coliseum Authority will pay for any necessary structural work, and all upgrades and improvements will be completed by the start of next season.

The deal permits the team to leave the Coliseum so long as it gives two years' notice and continues paying the lease for the remainder of the 10-year term. The A's do not have to make these payments, however, if they move to another stadium within Oakland.

Jane Lee is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.