Oakland has approved a 125 million USD sale of its stake in the Coliseum complex, with separate terms for the arena and stadium parcels, future ticket-revenue payments and private investment in venue upgrades.
After years of negotiations, revised agreements and missed deadlines, the Oakland City Council has approved the sale of the city’s 50% interest in the Oakland Coliseum complex. The council voted 6-1 for an agreement with Oakland Acquisition Company, an entity associated with the African American Sports and Entertainment Group and Loop Capital. The transaction values the city’s interest at 125 million US dollar (approx. 110m EUR / 94m GBP).