Oakland inks deal to sell Coliseum to private development group

OAKLAND – The city of Oakland has reportedly inked a deal to sell its share of the Coliseum.

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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 looming $177 million shortfall without worker layoffs. The private development group is slated to pay the city at least $105 million over the next two years.

The other half of the site – which includes the stadium, arena and parking lots – is owned by the soon-to-depart Oakland Athletics. The team is similarly discussing a sale to AASEG.

The private development group, led by Oakland native Ray Bobbitt, is aiming to transform the site into a new hub of live entertainment, nightlife, hotels and housing.

Check back for updates.