Alameda County leaders approved a nonbinding agreement Thursday with a group of developers, laying out the next steps toward selling the Coliseum complex, the 112-acre plot of land plus sports stadium and arena in East Oakland. But serious issues still need to be ironed out behind closed doors before anyone will pop champagne corks.
The county Board of Supervisors unanimously approved a term sheet with a company affiliated with the African American Sports and Entertainment Group and Coliseum Way Partners, an affiliate of the A’s that still owns a stake in the Coliseum.
The terms outline a complicated transaction including the following:
- The county would buy back its half of the Coliseum complex from the A’s, then sell it to AASEG for $115 million. This would get the A’s out of the property.
- AASEG would pay the $115 million in three installments over a period of several years, and it will include 5% interest compounding annually on the unpaid balance.
The draft deal also would put to bed a lawsuit that’s been hanging over the Coliseum for several years. Communities for a Better Environment, a nonprofit environmental watchdog group, would agree to dismiss the lawsuit it filed against the county, alleging it violated the state Surplus Land Act when it sold its half interest to the A’s in 2019. The Surplus Land Act requires that public land put up for redevelopment be prioritized for affordable housing…