![\"\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/07\/coliseumcomplexa.jpg\")
Oracle Arena, left, and the Oakland Coliseum. (Dan Brekke\/KQED)<\/p>\nUnder the terms approved Monday, Oakland agreed to sell its stake to the Oakland Acquisition Company, an affiliate of the African American Sports and Entertainment Group, for a lump sum of $110 million. The parties also agreed to additional payments adding up to $15 million in closing costs.<\/p>\n
The 112-acre complex is being sold as two parcels: a smaller 9-acre plot that includes the Oakland Arena, and a larger 103-acre area, which includes the Coliseum Stadium and surrounding lots. As part of the deal, OAC is expected to sell the Arena parcel to venue management company Oak View Group, founded by entertainment mogul Irving Azoff, for $100 million.<\/p>\n
The concurrent sale of the parcels is set to close as soon as September, and no later than January 2027.<\/p>\n
Oracle Arena, left, and the Oakland Coliseum. (Dan Brekke\/KQED)<\/p>\n
Negotiating the sale of the Coliseum has been a long and complicated process,<\/a> requiring both the city and Alameda County<\/a> to come to separate agreements with OAC to sell their halves of the stake in the property.<\/p>\n Azoff, a former record executive and former CEO of Ticketmaster, joined city officials in Oakland Monday morning, vowing to attract more music and bigger shows to the arena by investing in the building and improving the fan experience.<\/p>\n \u201cThis is not a rescue mission in itself; it\u2019s just an opportunity to take what I consider to be a B experience and make it an A-plus experience,\u201d Azoff said. \u201cThe fan experience at the arena is going to be second to none.\u201d<\/p>\n Azoff\u2019s group has done similar revitalization projects at the Kia Forum in Inglewood, and CFG Bank Arena in Baltimore.<\/p>\n He said Oak View Group plans to invest tens of millions to upgrade facilities at the arena and bring in locally run businesses to support concessions and amenities.<\/p>\n \u201cOur opportunity is to respect what works, invest in what could be better, invest in the community and bring our unique artist relationships, both as a management company and as OVG, to get to the next chapter of this great building,\u201d Azoff said.<\/p>\n The city will also receive 6% of revenue from future event ticket sales at both the arena and stadium, as long as it\u2019s functioning.<\/p>\n Councilmember Rowena Brown, who will be leading the city and buyers\u2019 work to reinvest in East Oakland<\/a>, said the city hopes to use that revenue to build up the surrounding area, including a major, struggling business corridor, which connects the Coliseum to the airport.<\/p>\n \u201cIt is our hope that we can use that to help revitalize the Hegenberger Corridor, as well as help uplift East Oakland that has been underserved for so long,\u201d Brown said.<\/p>\n But Oakland will have to wait longer \u2014 and risk uncertainty \u2014 before the stadium parcel is paid for in full. OAC agreed to pay $60 million for the city\u2019s interest in the larger parcel within the next seven years. The company has already made a $5 million deposit on the sale, which will be subtracted from that balance.<\/p>\n During a special city council meeting Monday, council members asked what would happen if the acquisition group fails to make scheduled payments, or reneges on the deal.<\/p>\n City finance director Bradley Johnson said in the worst case, the city would retain the deed to the land \u2014 and save up to $42 million in maintenance costs over seven years.<\/p>\n Oakland currently spends about $6 million a year to keep the Coliseum running, which it will no longer be responsible for when the deal closes.<\/p>\n \u201cThat\u2019s money, if this deal is signed and we transfer ownership, that can continue to flow back to the city of Oakland that we can use to keep our core city services going,\u201d Councilmember Janani Ramachandran said.<\/p>\n Councilmember Ken Houston, whose district includes the complex, said the deal agreed to Monday makes \u201clemonade out of lemons,\u201d after years of delays<\/a>, departures<\/a> and controversy<\/a>.<\/p>\n In 2024, then Mayor Sheng Thao included revenue from the presumed Coliseum sale<\/a> in the city\u2019s annual budget \u2014 money that did not end up materializing<\/a> within the year, and later required drastic service cuts<\/a>.<\/p>\n Thao was recalled that November, following her involvement in an FBI fraud and bribery investigation.<\/p>\n Three major sports teams that used to play at the stadium or arena, including the Golden State Warriors, Raiders and Athletics, have all departed Oakland in the last decade. Last week, the Oakland Roots, a professional soccer club that\u2019s played at the Oakland Coliseum for the last two years, announced that they would leave the venue this fall<\/a>.<\/p>\n Mayor Barbara Lee, who was elected to replace Thao, said it was a \u201cgood news day\u201d for Oakland.<\/p>\n \u201cThis deal \u2026 really paves the way to create jobs and economic development, economic activity, specifically in underserved areas in East Oakland and deep East Oakland,\u201d Lee said. \u201cThese investments are long overdue, and our community deserves this.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Under the terms approved Monday, Oakland agreed to sell its stake to the Oakland Acquisition Company, an affiliate…\n","protected":false},"author":2,"featured_media":397233,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[143,145,144],"class_list":["post-397232","post","type-post","status-publish","format-standard","has-post-thumbnail","category-oakland","tag-oakland","tag-oakland-headlines","tag-oakland-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/397232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=397232"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/397232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/397233"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=397232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=397232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=397232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/07\/240926-LAST-AS-HOME-GAME-MD-17KQED-5.jpg\")
Packed stands at the Oakland Coliseum for the A\u2019s last home game on Sept. 26, 2024. (Martin do Nascimento\/KQED)<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/07\/240624-THAO-FBI-PRESSER-MD-05_qed.jpg\")
Former Oakland Mayor Sheng Thao holds a press conference at Oakland City Hall on June 24, 2024. (Martin do Nascimento\/KQED)<\/p>\n