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County Of Alameda Approves Sale Of Oakland Coliseum To Oakland Aquistion Company AKA AASEG.

Oakland (Special to ZennieReport.com) – At its meeting today, the Alameda County Board of Supervisors voted in support of a resolution and  term sheet to facilitate the sale of the Oakland-Alameda County Coliseum to the Oakland Acquisition Company, LLC (OAC).  This action bolsters City of Oakland efforts to pursue robust economic development at the Coliseum property. The resolution, sponsored by Board President David Haubert, and the approved term sheet, sponsored by Supervisor Nikki Fortunato Bas, can be found here.

Supervisor Nikki Fortunato Bas said, “Today’s vote is a critical step in showing the public that the Board of Supervisors is committed to closing the Coliseum deal. We have provided direction for the final agreements that will assign a single entity to own the site, paving the way for a future development project that will generate positive economic and community benefits. As the former Oakland City Council President, I added language to the June 2024 ordinance that ensures the sale includes deed restrictions requiring at least 25% affordable housing for low-income households and a community benefits agreement to address labor standards, small, local business contracting, workforce and living wages, sustainable green development, and more.”

The County of Alameda has owned a 50% interest in the Oakland-Alameda County Coliseum located at 7000 Coliseum Way, Oakland, California. The Coliseum is approximately 112-acres in size and consists of an arena, a stadium, and other improvements.

The vote, which passed unanimously, provides direction for assigning the County’s interest in the property from Coliseum Way Partners, LLC (CWP), which is connected to the Oakland Athletics, to OAC. On August 31, 2024, the City of Oakland sold its 50% interest in the Coliseum property to OAC which means that the County vote today paves the way for OAC to gain 100% control of the property.

The goal of Tuesday’s action was to provide a policy statement that will allow all parties necessary to achieve the common goals of OAC, CWP and the County to complete a set of governing and “Definitive Documents” that can be executed by the appropriate parties ideally within 30 days following the approval of the term sheet.

The vote today to assign the County’s agreement with CWP to OAC facilitates key objectives of the County, specifically, it will divest the County from any role in operating a sports and entertainment facility and allow the County to refocus resources on its core mission, and vest ownership in a single entity.

The approved term sheet addresses several issues and concerns of the County of Alameda, namely:

1. OAC agrees to release the County of any costs related to hazardous waste and environmental remediation;
2. The Coliseum property will be assigned to a single entity which allows for a future economic development plan that will ultimately benefit the City, County and community with increased jobs; neighborhood revitalization; and sales, property and TOT taxes; and
3. Final documents related to the assignment of the County’s portion of the Coliseum property will be negotiated between OAC, CWP and the County and will then return to the Board for final approval.

Statement From Oakland Interim Mayor Kevin Jenkins

“I want to thank the Alameda County Board of Supervisors for prioritizing the health and future of East Oakland by approving a term sheet to realize the sale of the County’s 50% interest in the Coliseum Complex to the African American Sports & Entertainment Group. Combined with the sale of the City’s interest in the Coliseum Complex, which the City Council approved in June 2024, the County’s  sale will finally unify ownership of the site.  This will enable OAC, the City, and the community to pursue critical economic development in East Oakland, resulting in thousands of new jobs, housing opportunities, and access to green spaces.”

“Today’s vote by the Board was a powerful statement of the County’s support for the Coliseum sale to AASEG.  I look forward to seeing the County’s transfer agreements with AASEG executed swiftly, consistent with the 30-day deadline contained in the Board’s action.”

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