Oakland Coliseum Sale Goes Foul Again
The sale of the Oakland Coliseum to the African American Sports and Entertainment Group has reached another delay.
The AASEG purchased half of the Coliseum in 2024 for $105M and has been in the final stages of acquiring the rest from the city of Oakland. The group has plans to invest $5B into the former home of the MLB's A’s, which will start playing in Las Vegas in 2028. Until then, the former Oakland team will play in Sacramento, California.
On Thursday, the Alameda County Board of Supervisors stalled the sale of the other 50% stake in the 112-acre complex by requesting two additional documents— a quit-claim deed and a release related to litigation, the San Francisco Business Times reported.
Ray Bobbit from the AASEG revealed that the specific missing documents have been identified, and their legal team is working quickly to address the situation, NBC Bay Area reported.
Additionally, the county wants AASEG to carry a $100M insurance policy to protect against costs that could come after closing. For its part, AASEG countered it would carry a $30M policy for the duration of the next two years, but that offer has not yet been accepted, the Journal revealed.
The delay follows the county’s initiation of a 30-day negotiation period with AASEG for the sale in January. In October, the city of Oakland passed an amendment approving a 14% increase in the acquisition price for the city’s share of the East Oakland site to $125M.
County negotiators indicated that they anticipate having the necessary paperwork by Friday, potentially paving the way for final approval from supervisors on March 11, as reported by the San Francisco Chronicle.
AASEG has big plans for the redevelopment, which include adding new sports facilities, entertainment options, a hotel and housing units, Bisnow reported last year.
Requests for comment from AASEG were not immediately returned.
