By selling its share of the site, the city hopes to resolve a $177 million budget shortfall without layoffs.
OAKLAND – The city of Oakland has reportedly inked a deal to sell its share of the Coliseum.
On Monday night, Mayor Sheng Thao announced the signing of a term sheet with the African-American Sports and Entertainment Group, a private development group.
“This is a massive win for Oakland,” Thao said in a statement posted to social media. “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.”
The sale is a critical component of recently approved budget changes that aim to resolve a $177 million shortfall without layoffs.
The other half of the Coliseum property – which includes the stadium, arena and parking lots – is owned by the soon-to-depart Oakland Athletics. The baseball team is similarly discussing a sale to AASEG that would pave the way for the site to be transformed into a new hub of live entertainment, nightlife, hotels and housing.
Check back for updates.
