After decades of failed development deals and desperate attempts to keep their sports teams, Oakland officials voted Monday to sell off the city’s stake in the dilapidated coliseum and aging arena for $125 million.
The deal involving two developers has a catch: It would result in a $50 million payment to Oakland once the deal closes for the for the arena, with the remaining coliseum payment — plus interest — within the next seven years. Those terms are key to moving the long-anticipated sale forward, but could potentially put the city at risk of holding onto the aging Coliseum.
City officials celebrated the deal on Monday, saying it would create jobs and economic activity, with ongoing revenue from ticket sales and no up-front costs to the city. Maintenance and operation expenses on the property, which total $16,400 a day, will pass to the new owners when the deal closes, city officials said…