Oakland City Council adjusts timeline for sale of Coliseum
The sale of the Oakland Coliseum, long characterized by fits and starts, took another incremental step forward Tuesday when the Oakland City Council voted to align its process with that of Alameda County.
In what was basically a scheduling adjustment, council members approved the second reading of an ordinance that allows the city to close the sale of its 50 percent ownership of the Coliseum by June 30, 2026.
That is the date already set by the county, which sold its 50 percent share of the property to the former Oakland Athletics baseball team but still has decision making authority regarding the sale.
The African American Sports and Entertainment Group has penned agreements with the A's and Oakland to acquire both shares at $125 million apiece.
The 2026 sales date allows the county to pay down the remaining bonds attached to the property, the title to which can't be transferred until the bonds are paid off.
The extended timeline also gives Oakland and county officials time to wind down the joint powers authority they use to manage the facility, said AASEG co-founder Ray Bobbit.
"This gives everyone time to plan things out," Bobbit said Wednesday. "The good news is that everybody is on the same page at this point."
The county, widely seen as moving at a sluggish pace during the sales process, approved a draft term sheet with AASEG in January and then had 30 days to finalize the deal.
That deadline, however, passed without an announcement from the county, which has been skittish over potential liability for any possible hazardous waste cleanup at the 112-acre site.
County officials also want assurances that it won't be on the hook for a lawsuit by the nonprofit Communities for a Better Environment challenging its initial sale to the A's over state rules that require local authorities to prioritize affordable housing on surplus public land.
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