The Coliseum in Oakland officially has a new name. Starting Monday, the current if not future home of the Oakland A’s and Raiders will be called the RingCentral Coliseum.

The name change was approved unanimously Friday by the Oakland-Alameda County Coliseum Authority.

“We are happy and proud to partner with a global high tech company such (as) RingCentral on the naming rights of our stadium venue,” said Scott McKibben, the authority’s executive director.

Under the new deal, RingCentral, a Belmont communications firm, will pay $1 million a year for the next three years. The company has the option to renew the deal for a fourth year, McKibben said.

The naming rights allow RingCentral to hang its name at the stadium, though that probably won’t happen for several months.

RingCentral follows Overstock.com, an online retailer, which ended its $1.45 million-a-year naming rights deal with the Coliseum in 2016 after the Raiders announced plans to move to Las Vegas.

Overstock.com had naming rights for five years.

In 2016, McKibben said, “The Coliseum is now the only venue in the United States that offers a sponsor naming rights to a venue hosting Major League Baseball and the National Football League.”

The price of the naming rights was lowered after the Raiders announced they would leave Oakland. In March, the authority approved a lease extension to keep the Raiders in Oakland for at least one more year.

Under the new lease agreement, the Raiders will play nine home games in the 2019 season and have the option to renew the deal for the 2020 season if the new stadium in Las Vegas isn’t ready.

As part of the lease agreement with the Raiders, the authority gets the full $1 million from RingCentral. The previous lease called for a 50-50 split between the team and the authority on naming-rights money.

“The bottom line is we need to continue to create revenue on the Coliseum because there is still operating costs that need to be paid for” by the authority, said Oakland City Councilman Loren Taylor, who sits on the authority board. “So this is a positive indication that there is and will continue to still be value from this asset despite two of our sports teams no longer playing there.”

RingCentral will have its name for as long as the A’s continue playing at the Coliseum. The A’s are negotiating a contract to build a privately financed waterfront ballpark at Howard Terminal, near Jack London Square.

In May, the Oakland Port Commission approved an exclusive negotiation agreement for the Howard Terminal project that gives the baseball team four years to conclude an environmental impact report.

The new ballpark plan has drawn criticism from the maritime industry workers and leaders who say the development could pose a safety risk to cargo ships that use the port, as well as threaten port jobs.

Dave Kaval, the president of the A’s, previously said if all goes as planned, the A’s could be playing at the new ballpark in 2023.

Sarah Ravani is a San Francisco Chronicle staff writer. Email: sravani@sfchronicle.com Twitter: @SarRavani