Following long wait, Oakland Coliseum sale ready for Alameda County board’s vote

OAKLAND Alameda County leaders are expected to vote Tuesday on whether to transfer a sale of one of the East Bay s majority of notable properties the Oakland Coliseum to a group of private developers looking to build a new megaplex there If approved the county s original deal in to sell its Coliseum ownership stake to the Oakland A s will instead be re-assigned to a business entity formed by the African American Sports and Entertainment Group or AASEG The A s had agreed to transfer their still-pending acquisition of the site to AASEG for million nearly a year ago but long negotiations with county personnel have dragged on this stage of the rise deal months past when the buyers promised it would wrap up The county vote set for next Tuesday could ultimately move the sale forward allowing AASEG to acquire the county s interest in the -acre site AASEG is expected to complete its payment to the A s by the end of next January before paying off outstanding bonds at the Coliseum site the following month and closing escrow on or before June per county documents County administrators did not respond Friday to requests for comment on the upcoming vote African American Sports and Entertainment Group founder and managing member Ray Bobbitt speaks during a press conference at the Coliseum in Oakland Calif on Tuesday Sept The city has has sold its ownership share of the Coliseum to AASEG for million Jane Tyska Bay Area News Group If the three-party negotiations between the county the A s and AASEG weren t complicated enough the city of Oakland also demands to close its own deal with the improvement group Revenue from the city s million sale of its half-ownership stake had once been planned as a one-time fix for Oakland s financial troubles a Hail Mary move by ex-Mayor Sheng Thao that AASEG s leaders now say they felt pressured to go along with In April the City Council bailed on trying to cram the land deal into its fiscal calendar opting instead to close the sale by the end of June to align the land transfer with the county s own escrow period Mayor Barbara Lee who was elected in April to replace Thao following the former mayor s removal from office via a recall disclosed Friday in a comment she recognizes the Coliseum as a key part of Oakland s history and future As the sale moves forward we re committed to ensuring it remains a space where the locality can come together for years to come Lee revealed while recognizing that the economic benefits are key to residents of the surrounding communities This is a complex transaction Councilmember Ken Houston announced at an April meeting Things come up and you re dealing with two different governmental agencies But it s moving forward When finished the developers plan to add housing retail restaurants a hotel and selected kind of professional sports attraction to the property likely razing the stadium while keeping the arena intact San Francisco Unicorns Jake Fraser-McGurk and Finn Allen celebrate a six against the Washington Freedom during the inaugural Major League Cricket opener at the Oakland Coliseum in Oakland Calif on Thursday June Ray Chavez Bay Area News Group Closed-door negotiations between county personnel and AASEG were complicated by a local nonprofit s lawsuit over the county s original million sale to the A s The group Communities for a Better Climate alleged that the deal had neglected the state Surplus Lands Act which requires that available populace land first be considered for housing rise before anything else With an approval vote Tuesday by the county supervisors the nonprofit would agree to permanently dismiss its suit AASEG does plan to build housing at the site a percentage of it affordably priced A third-party consulting firm hired by the county also discovered that AASEG s planned redevelopment would boost property tax revenue generated at the site by more than Angela Scott an organizer with Communities for a Better Atmosphere affirmed in a previous announcement the group s trust that AASEG will make good on its commitment to advancing the land for the benefit of all Oaklanders AASEG is best known for its community face Ray Bobbitt who leads a group of other Black Oakland natives in representing the project locally Fans run along the bleachers with the Oakland Roots flags during the home opener against the San Antonio FC at the Oakland-Alameda County Coliseum in Oakland Calif on Saturday March Ray Chavez Bay Area News Group The deal will primarily be financed by the funding firm Loop Capital whose principal Jim Reynolds is the signatory on official transaction documents published by the city and county The broader AASEG coalition includes more specialized agents sports agent Bill Duffy local real-estate developer Alan Dones and former Oakland City Manager Robert Bobb Perhaps the crown jewel of the East Bay s rich sports history the Coliseum has descended into blight and decay over the decades culminating in Oakland s loss of its three major professional franchises the Raiders Warriors and A s The arena still hosts particular of the country s top live acts its revenue only climbing in current years And the stadium has seen sparks of life hosting the Oakland Roots soccer franchise and drawing impressive attendance last month for a series of domestic cricket matches Shomik Mukherjee is a reporter covering Oakland Call or text him at - - or email him at shomik bayareanewsgroup com