The company that manages the Oakland Arena and Coliseum is making a bid to buy the arena, adding another twist to an already complicated plan to sell the 112-acre East Oakland property.
Legends Global submitted a $102 million offer Tuesday to Oakland Acquisition Company, the investor group negotiating to buy the Coliseum complex from Oakland and Alameda County. Legends’ offer comes as another bidder, Oak View Group, has been courting Oakland officials and community groups to support its bid for the arena, setting up a potential contest between two major entertainment industry players for control of one of the Bay Area’s largest indoor concert venues.
Both Oakland and Alameda County have tentatively agreed to sell their 50% stakes in the Coliseum and arena site to a group of investors called Oakland Acquisition Company for $125 million and $115 million, respectively. The group includes Ray Bobbitt, of the African American Sports and Entertainment Group; Jim Reynolds of Loop Capital, a Chicago-based private investment bank; basketball agent Bill Duffy; and Susan Cronin, a real estate investor…