As Oakland Arena\u2019s popularity as a concert venue continues to soar, a group that was co-founded by a music industry mogul is considering purchasing the venue, which would be part of a larger sale of the entire Oakland Coliseum Complex.<\/p>\n
The purchase of the 155-acre Oakland Coliseum Complex, including the arena and stadium, by Oakland nonprofit, the African American Sports & Entertainment Group (AASEG), is slowly proceeding, as the Chronicle reports<\/a>. The complex is currently split 50-50 between the city of Oakland and Alameda County, and the county\u2019s portion is tied up in an old deal with the A\u2019s. <\/p>\n As SFist reported<\/a> previously, AASEG, which is run by Oakland community leader Ray Bobbitt and sponsored by Chicago-based Loop Capital, agreed to buy Oakland\u2019s half of the complex in 2024, and the group reportedly agreed to purchase Alameda County\u2019s half last July. The deal has been a long time coming<\/a>. <\/p>\n Music industry mogul Irving Azoff\u2019s Oak View Group, which is owned by private equity company Silver Lake, is reportedly considering purchasing the Oakland Arena as part of the sale.<\/p>\n The Chronicle notes that before the whole deal can proceed, the county will need to undo an agreement with the A\u2019s from 2019 prior to the team\u2019s move to Las Vegas in which the team would buy the county\u2019s half<\/a> of the complex for $85 million, as previously reported. The county will reimburse the funds, which are currently being held in escrow.<\/p>\n AASEG will then reportedly pay the county $115 million over several years, plus 5% compounding interest.<\/p>\n If Oak View Group purchases the arena, the county would receive at least half the proceeds of the principal owed.<\/p>\n Oaklandside reports<\/a> that one unresolved issue is who would ultimately be responsible for environmental liabilities tied to the Coliseum property. Under the terms, AASEG would assume much of that responsibility, though developers are seeking an exemption for the arena parcel. Bobbitt told city officials the carveout could significantly affect the deal if it is not approved.<\/p>\n Dozens of community members urged the county to move the project forward in a meeting Thursday, describing the redevelopment as a rare investment opportunity for East Oakland that could bring new housing, businesses, and jobs to the area.<\/p>\n