The Alameda County Board of Supervisors marked the end of an era Tuesday when it voted unanimously to move forward with the sale of its ownership share of the Oakland Coliseum to a private developer, the African American Sports and Entertainment Group.
The deal, which still isn't quite complete, has been anything but straightforward and included two buyers, three sales, a lawsuit and the city of Oakland , which until recently was the owner of the other 50 percent stake in the property.'This didn't come about in the last week. It came about because some of us have been toiling the soil for quite a long time,' said Supervisor Nate Miley.
We negotiated with the for the bond defeasement and the county for the assignment,' Bobbitt said. 'It was just really complex.'In order for AASEG to receive the property as soon as possible, Bobbitt said the bond defeasement, or repayment, was accelerated under the newly approved agreement so that the bonds still associated with the Coliseum will be paid off in February and the bonds for the arena will be paid off in March of 2026.
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Alameda Co. votes unanimously to move forward with sale of its ownership of Oakland ColiseumThe Alameda County Board of Supervisors marked the end of an era Tuesday when it voted unanimously to move forward with the sale of its ownership share of the Oakland Coliseum to a private developer, the African American Sports and Entertainment Group.
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Alameda County Nears Deal to Sell Coliseum Complex to AASEGAlameda County officials are on the verge of finalizing a deal to sell the Coliseum Complex, marking the end of the county's ownership of the property. The African American Sports and Entertainment Group (AASEG) will be the new owner, promising a transformation of the site into a hub for restaurants, retail, housing, entertainment, and live sports. The deal has faced hurdles, but county supervisors are expected to approve new terms on Tuesday, setting the stage for a $125 million payment to the city of Oakland to help alleviate its budget deficit.
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Alameda County Agrees to Sell Coliseum Complex to Black-Led Development GroupAfter years of negotiation and legal hurdles, Alameda County supervisors have approved a deal to sell the Coliseum Complex to the African American Sports and Entertainment Group (AASEG). The deal, which is expected to close in May, will see AASEG transform the 112-acre property into a hub of restaurants, retail, housing, entertainment, and live sports. The A's will also be released from any further obligations to the property, securing a $40 million profit from their 2019 purchase of the county's share.
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Oakland Coliseum sale moves forward with final vote to come down in 30 daysThe long-delayed sale of the Oakland Coliseum cleared another hurdle after a unanimous vote from the Alameda County Board approved a term sheet for the sale on Tuesday, signaling a step forward.
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Fans Honor Rickey Henderson with Memorials at Oakland ColiseumAfter the passing of Oakland A's legend Rickey Henderson, fans have created makeshift memorials outside the Oakland Coliseum, paying tribute to his legacy and impact on the city. Candles, signs, and flowers have been placed at the gates, with fans adding more throughout the weekend and into Monday.
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