Oak View Group is in talks to buy the Oakland Arena as part of the pending sale of the wider Oakland Coliseum complex, according to reports.
An unnamed potential buyer for the 19,200-capacity venue was listed in a term sheet outlining an agreement among Alameda County and the African American Sports and Entertainment Group (AASEG), which is acquiring the Coliseum site, regarding the county’s 50% share of the Coliseum complex.
A spokesperson for the group has said that it is involved with the deal, as reported by the San Francisco Chronicle.
The term sheet stated that an “arena buyer” would pay at least $100m for the venue whose ownership is currently split 50-50 by Oakland and Alameda County.
Under the terms released Wednesday, the county would buy back its half of the complex from Coliseum Way Partners, and in turn sell it to AASEG.
The sale of the arena and complex as a whole has taken two years to date.
In 2024, AASEG reached an agreement with Oakland to buy its half of the complex, and in July reached an agreement to purchase Alameda County’s half.
However, before the county can complete, that sale must go back on a deal struck in 2019 to sell its half to an affiliate of the Oakland A’s baseball team, Coliseum Way Partners.
To remove Coliseum Way from the deal, the county is set to reimburse it with $85m (£63m/€73m) it holds in escrow, plus an additional $30m.
AASEG would then enter into a payment plan with the county for its share, paying it $115m for the Coliseum complex over multiple years.
Oakland Arena was formerly home to the Golden State Warriors basketball team until 2019 when the franchise moved to the Chase Center.
Since then, it has become a popular concert venue with international artists regularly performing there including Sir Paul McCartney and Ariana Grande.