Alameda County Set to Vote on Oakland Coliseum Sale

The fate of the Oakland Coliseum is scheduled to come into clearer view this week.

On Tuesday, Alameda County leaders will vote on whether to transfer sale of the venue to a group of private developers looking to build a large development on the site, The Mercury News reported. If approved, the county would sell its Coliseum ownership stake to a business entity formed by the African American Sports and Entertainment Group, or AASEG. It would replace a 2019 deal where the county would sell its stake to the A’s.

Last year, the A’s — currently playing home games in Sacramento before the team’s eventual move to Las Vegas in 2028 — agreed to transfer its acquisition of the site to AASEG for $125 million. Since then, though, negotiations with the county have drawn out the process of firming up a development deal.

An approval vote from the county would allow AASEG to acquire its 50 percent ownership in the 112-acre site. The group is expected to complete its payment to the A’s by the end of next January; it aims to pay off the outstanding bonds at the Coliseum site the following month and close escrow by the end of June.

In addition to the A’s and the county coming to an agreement with AASEG, the city of Oakland also needs to finalize its own deal with the development group. In April, the Oakland City Council chose to close the sale of its ownership portion by the end of next June to line up with the county’s escrow period.

Mayor Barbara Lee “recognizes the Coliseum as a key part of Oakland’s history and future,” she said in a statement to The Mercury News released Friday.

“As the sale moves forward, we’re committed to ensuring it remains a space where the community can come together for years to come, while recognizing that the economic benefits are important to residents of the surrounding communities,” Lee said.

While the Coliseum will likely be demolished, the adjacent Oakland Arena will probably stay intact. Once the deal is completed, the developers plan to add housing, retail, restaurants, a hotel and a professional sports attraction of some sort to the property.

The Oakland Roots and Oakland Soul soccer teams have been playing their games at the Coliseum this season.

— Chris Malone Méndez