Legends Global is “making a bid to buy” Oakland Arena from Oakland Acquisition Co., according to Kate Talerico of the S.F. CHRONICLE. Legends offered to invest $102M total in the arena — a number that “comprises the cost of the property itself and repairs.” It comes as another bidder, Oak View Group, has been “courting Oakland officials and community groups to support its bid for the arena.” Both Oakland and Alameda County have tentatively agreed to sell their 50% stakes in the Coliseum and arena site to a group of investors called Oakland Acquisition Co. for $125M and $115M, respectively. The Oakland Acquisition Co. has been working to raise the capital needed to close the sale, with the solution being to “spin off the 19,200-seat arena.” In May, Oakland Acquisition Co. and the county agreed to a term sheet in which an “unnamed potential third party would pay at least” $100M for the arena. It is unclear whether Legends is “serious about buying the arena, or if the company is just seeking to protect its position as the venue’s manager” (S.F. CHRONICLE, 6/16).
