{"id":4479,"date":"2026-07-14T06:36:24","date_gmt":"2026-07-14T06:36:24","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=4479"},"modified":"2026-07-14T06:36:24","modified_gmt":"2026-07-14T06:36:24","slug":"oakland-has-changed-its-plan-to-sell-the-coliseum-yet-again-heres-how-it-will-work","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=4479","title":{"rendered":"Oakland has changed its plan to sell the Coliseum yet again. Here’s how it will work."},"content":{"rendered":"
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OAKLAND \u2014 The city will once again revise its sale of the Oakland Coliseum complex, transferring ownership of the East Bay\u2019s most notable property to a development group that will no longer need to pay for all of it right away.<\/p>\n

Read more Cardinals\u2019 Jordan Walker stuns hometown favorite to win Home Run Derby<\/a><\/p>\n

City leaders, who have faced criticism for the Coliseum sale\u2019s numerous delays, went to great lengths Monday to emphasize\u00a0that the restructured deal will cost the city no taxpayer money, even though in real-estate terms it could be characterized as a loan.<\/p>\n

Under new terms, the buyers would effectively mortgage their purchase of the city\u2019s 50% ownership share over up to nearly eight years,\u00a0accepting the threat of penalties \u2014 including possible foreclosure \u2014 if they default on future payments.<\/p>\n

The restructured deal marks a shift from the most recent iteration of the sale agreement, in which the city had expected to be paid upfront by the Oakland Acquisition Company for the bulk of an acquisition that totals about $125 million.<\/p>\n

The company \u2014 a large coalition backed by the investment firm Loop Capital that includes the locally based African American Sports and Entertainment Group \u2014 will now pivot into what is known as a seller-financed model, raising fresh questions about its ability to finance the ambitious redevelopment.<\/p>\n

It is another twist in what has been a convoluted sale of the Coliseum complex, which includes the stadium, arena and space in between. OAC is in similar discussions to acquire the other 50% share of the 112-acre site, which is owned by Alameda County. The city\u2019s new plan aligns OAC\u2019s payment schedule closely with the county\u2019s own term sheet.<\/p>\n

Both the city and county\u2019s deals now include a hitch: The buyers plan to immediately flip the arena as a separate parcel to the Oak View Group, a third party led by music-industry mogul Irving Azoff that has offered to buy the facility for north of $100 million. OAC would continue to own the stadium and surrounding parking lots.<\/p>\n

The city and county each expect to receive $50 million from the arena sale after Jan. 30, 2027, the new date by which OAC would close escrow on the entire complex.<\/p>\n

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\u201cMy word is my bond on this,\u201d Azoff said Monday at a news conference announcing the revised terms. He promised $40 million worth of privately funded renovations to the arena\u2019s roof, elevators and backstage area, vowing to improve its concerts from a \u201cB\u201d grade to an \u201cA-plus.\u201d<\/p>\n

OAC has not been specific about its vision for the Coliseum complex, though the deal still requires it to list a quarter of all housing developments at affordable rates. Co-founder Ray Bobbitt, a local face of the project, has floated the idea of razing the former A\u2019s ballpark and replacing it with a smaller stadium, plus a hotel, retail storefronts and nightlife venues, in addition to housing. The group still needs to work out labor and community benefits agreements with city officials.<\/p>\n

The city will collect 5% annual interest on OAC\u2019s future payments, the first of which would be expected five years after closing or when the group obtains formal city approval for its redevelopment plans, whichever comes earlier. The next two payments would be owed in each subsequent year.<\/p>\n

Six percent of all future ticket sales at the arena or any stadium venue on the grounds would go to the city, which would also \u2014 upon close of escrow \u2014 no longer pick up a roughly $6 million yearly tab on operating costs. The Oakland City Council does not plan to direct revenues from the sale into its operating budget, as previous leaders had once planned to do. Instead, the money will relieve longstanding pension debt.<\/p>\n

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If OAC never pays, then the city can simply seize ownership of the property and wind up back where it started, officials said.<\/p>\n

Read more Search underway for Santa Clara sexual assault suspect<\/a><\/p>\n

\u201cWe are inept when it comes to negotiating deals,\u201d Councilmember Kevin Jenkins, who serves as the body\u2019s president, said at Monday\u2019s conference. \u201cBut I truly feel like we won this deal \u2014 sorry, Mr. Azoff.\u201d<\/p>\n

Councilmember Ken Houston recalled ironing out a \u201chandshake deal\u201d with Azoff over bowls of soup in Beverly Hills. \u201cWe turned lemons into good lemonade,\u201d Houston said of the city\u2019s new terms.<\/p>\n

For some experts, however, the restructured deal does not inspire faith in OAC\u2019s financial capacities, given that Loop Capital has until now paid the city only $5 million while placing another $10 million in escrow.<\/p>\n

Victor Matheson, a sports economist at Holy Cross University who has written extensively about stadium sales, said the city appeared to be acting reasonably. But he questioned the buyers\u2019 side of the deal.<\/p>\n

\u201cIf they have this big plan that everyone thinks is going to make gobs of money, there should be lenders falling over themselves trying to help finance the Coliseum\u2019s redevelopment,\u201d said Matheson\u00a0in an interview.<\/p>\n

\u201cThe fact that they need the city\u2019s help on this is not wildly encouraging,\u201d Matheson added.<\/p>\n

Others disagreed with Matheson\u2019s assertion, contending that the Coliseum sale\u2019s complications simply reflect the troubled economics behind developing the kind of sports-and-entertainment multiplex that OAC envisions.<\/p>\n

\u201cThe underwriters are looking at, \u2018What is the draw? What brings people to the hotel?’\u201d said Andrea Austin, a Denver-based attorney with extensive legal experience around professional sports developments.<\/p>\n

Austin, who previously helped represent Oakland in its doomed negotiations with the A\u2019s for a waterfront ballpark-and-housing development, said that \u201cwithout an anchor tenant, I don\u2019t think there\u2019s much lender interest in a mixed-use development adjacent to a sports venue.\u201d<\/p>\n

Still, city officials on Monday expressed optimism that the Coliseum complex \u2014 which once hosted the Warriors, Raiders and A\u2019s \u2014 has a fresh chapter ahead.<\/p>\n

\u201cMy bottom line is, we look at these deals as a good investment for Oaklanders,\u201d Mayor Barbara Lee, who before Monday had scarcely commented publicly on the Coliseum sale, said at Monday\u2019s news conference. \u201cIt\u2019s a deal that will bring in city revenues, create good-paying jobs and drive real economic opportunities for our residents.\u201d<\/p>\n

Shomik Mukherjee is a reporter covering Oakland. Call or text him at 510-905-5495 or email him at shomik@bayareanewsgroup.com.\u00a0<\/em><\/p>\n

Read more Wildfire consumes 20 acres east of San Ramon<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The city will turn over ownership of the entire complex immediately, with payments on the stadium expected in subsequent years.<\/p>\n","protected":false},"author":1,"featured_media":4478,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nOakland has changed its plan to sell the Coliseum yet again. Here’s how it will work. - Next City Digest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nextcitydigest.com\/?p=4479\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oakland has changed its plan to sell the Coliseum yet again. 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