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Music mogul Irving Azoff wants to buy the Coliseum Arena from a group of developers who are in the process of trying to purchase the entire 112-acre complex from the city and Alameda County. Credit: Eli Wolfe\/The Oaklandside. <\/p>\nOakland officials were all smiles on Monday as they promoted and approved a major change in the sales agreement for the Coliseum property that will theoretically net the city tens of millions of dollars within several months.\u00a0<\/p>\n
The council voted 6-1 to approve an updated sales agreement for Oakland\u2019s 50% stake in the 112-acre Coliseum property to the Oakland Acquisition Company, an entity that includes the African American Sports and Entertainment Group and its financier, Loop Capital.\u00a0<\/p>\n
The new terms don\u2019t substantially change how much OAC agreed to pay the city \u2014 $125 million \u2014 but it does set a new timeline that could see Oakland getting partially paid by the end of 2026 or January 2027. Under the amended deal, OAC will split the Arena from the larger Coliseum property and sell it to a third party.<\/p>\n
The deal also establishes a revenue-sharing agreement with the prospective arena and stadium owners to make sure Oakland gets a cut of future ticket sales, and it removes the city\u2019s obligation to pay millions of dollars annually for the upkeep of the property. It also requires a guaranty or payment bond provided by a qualified third party to ensure the city can be made whole if payments don\u2019t come when they\u2019re due for the stadium property.\u00a0<\/p>\n
Under the new terms, Oakland has agreed to an all-cash $50 million sale of the city\u2019s interest in the Oakland Arena, the nine acres of land and indoor event center where the Warriors used to play. This would take place at the same time the entire property, including the Coliseum and surrounding parking lots, is sold, which could be as soon as September or no later than January 2027.\u00a0<\/p>\n
The $50 million would be used to pay down Oakland\u2019s unfunded pension liabilities, following the city\u2019s consolidated fiscal policy concerning one-time revenues. <\/p>\n
The city would also get $60 million for the Coliseum, which sits on a much larger plot of land. Per the new terms, OAC would pay the city that sum of money in three equal payments no later than five, six, and seven years after the transaction closes. The unpaid sum will accrue interest at 5% annually. Oakland will get an additional $15 million for the Coliseum once OAC gets permits to start building on the site. It\u2019s unclear what that timeline will be.<\/p>\n
Is the city loaning OAC money?<\/p>\n
Music mogul Irving Azoff wants to buy the Coliseum Arena from a group of developers who are in the process of trying to purchase the entire 112-acre complex from the city and Alameda County. Credit: Eli Wolfe\/The Oaklandside. <\/p>\n
City documents refer to the stadium transaction as taking place with \u201cseller financing from the city.\u201d Staff said on Monday that this refers to an installment payment plan, and that Oakland is not literally extending a loan to the private developers to execute the agreement.\u00a0<\/p>\n
Oakland would receive 6% of the annual gross ticket revenue generated by the arena and stadium, which city staff estimate could bring in roughly $3 million annually. The city is also anticipated to save money on upkeep once the transaction closes.\u00a0<\/p>\n
A possible catalyst for the revised deal is Irving Azoff, an entertainment mogul and stadium developer<\/a> whose company Oak View Group recently expressed interest<\/a> in purchasing the Oakland Arena.\u00a0The Arena has become a popular destination<\/a> for many musicians and artists in recent years. <\/p>\n At a press conference before Monday\u2019s council meeting, Councilmember Janani Ramachandran said Azoff has a track record of transforming arenas across the country in beneficial ways.\u00a0<\/p>\n \u201cAnd East Oakland needs that,\u201d said Ramachandran, who was part of a council team that worked with the city administrator\u2019s office on the negotiations.\u00a0<\/p>\n At Monday\u2019s press conference, Azoff, the cofounder of Oak View Group, touted other arena properties he\u2019s redeveloped or run in Baltimore and Los Angeles.<\/p>\n Jerry Brown is a close friend, Azoff said, and the former mayor and governor pitched him years ago about the benefits of Oakland. Azoff praised Oakland as one of America\u2019s great music cities and commiserated about its bad luck with sports teams.\u00a0<\/p>\n \u201cI haven\u2019t seen a city in America that had to deal with a more difficult situation than you guys did,\u201d Azoff said.\u00a0<\/p>\n