City of Oakland reaches deal to sell its half of Coliseum

City of Oakland reaches deal to sell their half of Coliseum: Report

A deal has been reached between the City of Oakland and the Coliseum to sell off the city's half of the venue. The deal is said to be worth as much as $105 million and is a result of fruitful negotiations with African American Sports & Entertainment Group.

OAKLAND, Calif. - A deal has been reached between the City of Oakland and the Coliseum to sell off the city's half of the venue.

The previously revealed plans for the $105 million deal will see half of the 112-acre site be sold to the private African American Sports & Entertainment Group with payments being made in installments over the next few years. The Chronicle, which first reported the development, also reports the deal means the city avoids mass layoffs.

Oakland Mayor Sheng Thao's Office confirmed the term sheet for the deal was signed on Monday.

Thao touted the deal with AASEG as a "massive win for Oakland."

"And let me be clear, this isn't just a short-term solution. It's a deal that will lead to a multi-billion-dollar investment in East Oakland." In a video posted to social media, Thao said, "For me, this is so incredibly important for me. It's emotional, because I know that this is the very beginning works of an incredibly sustainable Oakland and not just that, but it will open up all the beautiful opportunities for our young people to be successful."

In May, Mayor Thao announced that the city was selling their share of the historic site. Negotiations with AASEG to redevelop the property go back to January 2023, a time when the Coliseum's future had been uncertain with word of baseball's A's leaving for Las Vegas and in the interim, Sacramento.

Whats next for the Oakland Coliseum?

Plans are moving forward for the Oakland Roots to play at the coliseum in 2025. Team officials say the joint power authority, which oversees the coliseum, has approved plans to negotiate and execute an agreement with the Oakland Roots and Soul Soccer Clubs.

KTVU previously reported that the profits from the sale could go toward closing the $177 million budget deficit.

The redevelopment negotiations include plans for affordable housing, an entertainment and sports complex and more jobs.

Roy Bobbitt, the founder and managing member of AASEG, previously told KTVU that the negotiations signified a moment of change for East Oakland.

The deal would have to be approved by Oakland City Council.

On Monday night, the Oakland Police Officers Association offered a statement that was less than enthusiastic about the reported deal.

"The OPOA is doubtful the sale of the Oakland Coliseum will solve the mayor’s and city council’s epic mismanagement," the statement read. The statement, attributed to the organization's Vice President, Sgt. Tim Dolan offered further commentary by saying, "We are deeply concerned for the safety of residents, businesses, and our police officers."

Developers hope to break ground within two to three years.

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