After years of failed negotiations and delayed plans, Oakland is moving forward with a new agreement to sell its portion of the Coliseum property for $125 million.

Oakland city leaders said a revised deal to sell the city’s share of the Coliseum property to the Oakland Acquisition Company, which includes the African American Sports and Entertainment Group offering better financial terms and a path toward redeveloping the site.

“It’s a deal that will bring in city revenue, create good paying jobs and drive real economic opportunities for our residents,” Mayor Barbara Lee said.

Under the new agreement, the city would receive $50 million at closing, with the remaining payments made over time plus interest. The deal also gives the city a 6% annual share of future ticket fees.

Also included in the deal is a $5 million deposit that has already been made by the group. The new terms replaces a 2024 agreement.

“We worked together to get the best deal we could do without breaking the deal,” Oakland councilman Ken Houston said.

Oakland City Council President Kevin Jenkins joins Raj Mathai to discuss the future of the Coliseum complex.

Iving Azoff, co-founder of the Oak View Group, sees the Coliseum as an opportunity to transform the property into a premier destination.

“This is not a rescue mission in itself,” Azoff said. “It’s an opportunity to take what I consider a B experience and make it an A+ experience. We did it at the Forum. We’ve done it in numerous other places.”

The new agreement follows years of controversy, negotiations and doubt about the future of the property.

The deal still has its critics.

Councilmember Noel Gallo cast the lone “no” vote, saying Oakland and Alameda County should present a united front on each of its 50% interest in the property.

“The reality is they do a lot of talking, a lot of preaching, but at the end of the day it’s public land,” Gallo said. “It belongs to the public and Alameda County and Oakland need to be unified to represent the Oakland public to get this deal done.”

The Oakland City Council is expected to take a final vote on the agreement later this month.