San Francisco Chronicle reporter Rachel Swan explains the Raiders' rent hike at O.co Coliseum and what impact that might have on their future in Oakland. (2:29)

OAKLAND, Calif. -- The authority that operates O.co Coliseum has approved a new lease extension for the Oakland Raiders that more than triples the team's rent to use the stadium and its training facility in nearby Alameda.

The Oakland Tribune reported Friday that the team will now shell out $3.5 million in rent, up from the $925,000 it paid last season.

The Oakland-Alameda County Coliseum Authority approved the agreement at a meeting Friday morning. It now heads to the Alameda County Board of Supervisors and Oakland City Council, which must approve the deal.

Coliseum Executive Director Scott McKibben says the rent hike accounts for increased costs for game-day security, among other factors, the newspaper reported.

"We're more or less trying to pass along some of these (costs) to the Raiders, which is not unlike any other NFL team," McKibben said, according to the Tribune. "I spent a lot of time visiting with a lot of other NFL teams and this has been customary throughout the league. And quite honestly at the end of the day the Raiders were very cooperative with us on that."

Authority officials say the extension, which includes options to play in Oakland for two additional seasons, opens the door for a long-term stadium plan in Oakland.