The city of Oakland has reached an agreement to sell its 50 percent ownership share of the Coliseum to a local buyer, the African American Sports and Entertainment Group.
Mayor Sheng Thao's office said she would be holding a news conference Wednesday afternoon to announce details of the deal, which is for a minimum purchase price of $105 million over two years. Funds from the sale will help Oakland cope with its projected $177 million budget deficit, according to the mayor's office, and could enable the city to avoid painful cuts to city departments, including police services.
After acquiring the city's half of the massive East Oakland property, AASEG is expected to continue making progress on the purchase of the other half from the Oakland A's, which bought its share from Alameda County for $85 million.In the past, AASEG has said it was considering bringing a Women's National Basketball Association team and a Black-led NFL team to the site, as well as affordable housing, retail spaces and parks. Thao will disclose additional details of the sale at 3 p.m.
Oakland Athletics Oakland Oakland A'
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oakland will sell its half of Coliseum to Black-led group looking to redevelop complexThe City of Oakland is announcing it will sell its half of the Coliseum complex to the African American Sports and Entertainment Group with a massive new vision for the site.
Read more »
Oakland Ballers make request to purchase old Coliseum bleacher seats used by NFL’s RaidersThe new Oakland Ballers independent baseball team is hoping to incorporate a bit of Oakland sports history in its renovated ballpark as the club prepares for its opener next month.
Read more »
Oakland Ballers seek to purchase Coliseum bleacher seats for future Raimondi Park expansionThe Oakland Ballers baseball team is looking at the future as it prepares for its inaugural season at historic Raimondi Park, and hoping to incorporate more of the city's pro sports history.
Read more »
Oakland Ballers make request to purchase old Coliseum bleacher seats used by NFL's RaidersThe new Oakland Ballers independent baseball team is hoping to incorporate a bit of Oakland sports history in its renovated ballpark as the club prepares for its opener next month.
Read more »
Here's how empty the Coliseum is for A's last season in Oakland'My whole childhood is right here in this stadium,' one young A's fan said about the sad news of the team's move as the Oakland Coliseum is averaging just over 6,000 fans per game this year.
Read more »
Oakland police investigate fatal shooting in Coliseum neighborhoodVictim, not yet identified, pronounced dead at local hospital on Saturday afternoon
Read more »