Official budget reports from the City of Oakland

Oakland Strikes Deal with AASEG to Sell Coliseum Share, Avoids $63 Million in Budget Cuts

Jul 29, 2024, 11:27 PM

The City of Oakland has officially reached a deal with the African American Sports and Entertainment Group (AASEG) to sell its 50% share of the Coliseum complex. This agreement will prevent $63 million in budget cuts and is expected to lead to a multi-billion-dollar investment in East Oakland. Mayor Sheng Thao hailed the deal as a significant victory for the city, emphasizing its long-term benefits beyond immediate financial relief. The term sheet for the sale was signed today. 'Our agreement with AASEG is a MASSIVE win for Oakland,' said Mayor Thao.