City of Oakland budget reports or official statements

Oakland Reaches $105 Million Deal with AASEG to Sell Coliseum Share, Avoid Budget Cuts

Jul 30, 2024, 04:00 AM

The city of Oakland has officially reached a firm deal to sell its 50% share of the Coliseum complex to the African American Sports and Entertainment Group (AASEG) for $105 million. This agreement, signed on Monday night, allows Oakland to avoid $63 million in budget cuts and is expected to lead to a multi-billion-dollar investment in East Oakland. Mayor Sheng Thao described the deal as a 'MASSIVE win for Oakland,' highlighting its significance beyond a short-term solution. The development plans for the site include massive entertainment, retail, and residential projects. The deal also helps avoid steep cuts to spending on public safety.