OAKLAND — The city of Oakland has reportedly signed an agreement to sell its share of the Coliseum.
On Monday evening, Mayor Sheng Thao announced the signing of an agreement with the African-American Sports and Entertainment Group, a private development group.
“This is a huge win for Oakland,” Thao said in a statement posted on social media. “And let me be clear, this is not just a short-term fix. This is a deal that will lead to a multi-billion dollar investment in East Oakland.”
The sale is a key part of recently approved budget changes aimed at closing a $177 million deficit without layoffs.
The other half of the Coliseum site, which includes the stadium, arena and parking lots, is owned by the Oakland Athletics, which will soon vacate the club. The baseball team is also discussing a sale to AASEG, which would pave the way for the site to be transformed into a new hub for entertainment, nightlife, hotels and housing.
Check back for updates.
