Oakland postpones Coliseum sale by a year

The Oakland City Council has announced a delay in the sale of its stake in the Coliseum, which is part of a larger $125 million agreement with the African American Sports and Entertainment Group (AASEG). The completion of this transaction is contingent upon Alameda County finalizing its own sale of a 50% stake in the property, a process that has faced multiple delays. County Board of Supervisors President David Haubert expressed optimism about reaching deal terms soon, though he refrained from providing a specific timeline for a public vote. The sale will not conclude until after the final bond debt on the Coliseum is paid off in Spring 2026, which now affects the city's timeline as well. This deal has been years in the making and was initially proposed to help alleviate a significant budget deficit.

Former Mayor Sheng Thao's strategy to use the sale proceeds drew criticism and ultimately led to budget cuts when the sale was delayed. Interim Mayor Kevin Jenkins emphasized that the Coliseum's sale is not tied to the current budget process, aiming to reassure stakeholders. AASEG co-founder Ray Bobbitt highlighted their commitment to revitalizing East Oakland despite facing external challenges, including legal hurdles and political scrutiny.