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The Oakland Arena and Oakland Coliseum, as seen in 1992.<\/p>\n
Chris Stewart\/The Chronicle<\/p>\n
A group headed by music industry mogul Irving\u00a0Azoff is in discussions to purchase the Oakand Arena for at least $100 million.<\/p>\n
Lionel Hahn\/Getty Images<\/p>\n
Oak View Group, co-founded in 2015 by music industry mogul Irving Azoff, is in talks to buy the Oakland Arena as part of the pending sale of the Oakland Coliseum complex, adding a new layer to the yearslong effort to transfer control of the 155-acre East Oakland property.<\/p>\n
An unnamed potential buyer for the arena was first mentioned in a term sheet<\/a> released Wednesday by Alameda County outlining an agreement among the county, the African American Sports & Entertainment Group, and Coliseum Way Partners, an affiliate of the\u00a0A\u2019s baseball team, regarding the county\u2019s 50% share of the Coliseum complex.<\/p>\n A spokesperson for Oak View, which is owned by private equity company Silver Lake, said Wednesday that the group is involved in the deal. Two people familiar with the agreement told the Chronicle that Oak View was in discussions to buy the arena.<\/p>\n Article continues below this ad<\/p>\n The term sheet states that an \u201cArena Buyer\u201d would pay at least $100 million for the arena, the more active piece of the Coliseum complex, which includes both the stadium and arena, whose ownership is currently split 50-50 by Oakland and Alameda County.\u00a0<\/p>\n It was not clear whether any other parties are also interested in buying the arena.<\/p>\n San Francisco Chronicle Logo<\/p>\n Make us a Preferred Source to get more of our news when you search.<\/p>\n <\/p>\n Add Preferred Source<\/p>\n <\/a><\/p>\n 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. It would mark an important step in moving forward a complicated transaction that has been on hold for several years, though other hurdles remain.<\/p>\n AASEG, headed by Oakland native Ray Bobbitt, has been the public face of the deal to purchase the Coliseum complex. The group is financially sponsored by Loop Capital, a Chicago-based investment firm, which has also been seeking outside investors to provide the capital needed to close the deal.<\/p>\n Article continues below this ad<\/p>\n