(KRON) — The City of Oakland has reached a deal to sell its share of the Oakland Coliseum Complex, KRON4.com has confirmed. The potential landmark deal will see the city unload its 50 percent share of the facility’s ownership to the African American Sports and Entertainment Group (AASEG).
AASEG formally signed a term sheet with the City of Oakland on Monday, the group announced on social media. The move marks the first “significant” step in the $105 million purchase and sale agreement of Oakland’s share of the venues.
“This momentous occasion brings us one step closer to fulfilling our promise and commitment to revitalize the Coliseum Complex,” an AASEG statement read in part. “We envision a future where the Coliseum stands as a beacon of opportunity, bringing much-needed jobs, economic benefits, and most importantly, hope to our residents.
“Together, we will transform the Coliseum Complex into a vibrant hub of activity, fostering growth, unity, and a renewed sense of pride in East Oakland.”
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A spokesperson for Oakland Mayor Sheng Thao called the deal a “massive win for Oakland.” Proceeds from the sale could help Oakland stave off a proposed $63 million in budget cuts and avoid significant layoffs that would have impacted city services.
“This isn’t just a short-term solution that keeps police and fire stations open,” said the mayor’s office. “It’s a deal that will lead to a multi-billion-dollar investment in East Oakland, which will bring business opportunities, affordable housing, tax revenue, and community benefits for decades to come.”
Thao called the deal “a huge change not only for the city, but for generations of Oaklanders and for an area that has been underinvested in for so many decades.”
According to a report in the San Francisco Chronicle, AASEG is currently negotiating with the A’s on purchasing the team’s 50 percent share of the Coliseum complex.
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AASEG has proposed transforming the Coliseum Complex site into a “thriving sports, entertainment, educational and business district in East Oakland”
Alex Baker
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