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The Oakland-Alameda County Coliseum. (Karl Mondon / Bay Area News Group)

OAKLAND -- Welcome to The O.

The Oakland-Alameda County Coliseum will be renamed the Overstock.com Coliseum under a deal that could earn about $1.2 million a year for the next six years.

The Oakland-Alameda County Coliseum Authority that runs Oakland's professional sports complex approved the naming rights deal Wednesday morning, giving the 47-year-old stadium its fourth name.

The Oracle Arena name will not be affected by the deal, which includes a 3 percent increase each year, records show. That would bring the total value of the contract to $7.5 million. Oakland and Alameda County will receive half of the proceeds from the contract and the Raiders will get the other half.

The authority has been looking for a new corporate sponsor for the stadium since 2008, when McAfee, a maker of computer virus software, declined to extend its annual $1.3 million naming rights deal.

The agreement with Overstock.com was made despite an uncertain future for the Coliseum, whose two professional sports franchise tenants -- the A's and Raiders -- have indicated desires to leave. Leases to play at the Coliseum expire for both franchises in 2013.

Overstock.com appears to have anticipated a possible departure of the teams with a provision in its naming rights deal allowing the company to opt out of the deal should either team no longer call the Coliseum home. Not only will Overstock.com have the right to change signs throughout the Coliseum, the company's moniker will be displayed on the Coliseum's website, on its official stationary, and on the jackets or name tags of employees.

Five members of the eight-person Coliseum Authority Board of Commissioners approved the deal with a 5-0 vote. The three commissioners who did not vote -- Nate Miley, Chris Dobbins and Yui Hay Lee -- were absent, according to Chairman and Oakland Councilmember Ignacio De La Fuente. "It was a straight-up deal," said De La Fuente, whose council district borders the Coliseum complex. He said the agreement is effective immediately.

The Coliseum Authority also agreed to work with BART and Caltrans to ensure signs indicating the location of the Coliseum be marked with the Overstock.com name. Overstock.com agreed to pay any costs associated with changing signs.

But don't get used to the Overstock.com label. The Salt Lake City-based firm is in the process of re-branding itself as O.co in an effort to gain customers around the world and the company has the right to change the Coliseum's name to the O.co Coliseum at any time.