Oakland announces $125 million sale of Coliseum and Arena
San Francisco Chronicle • • sports
Key Points:
- Oakland officials approved a $125 million deal to sell the city's stake in the Coliseum and adjacent arena, aiming to spur job creation and economic activity while transferring $16,400 daily maintenance costs to new owners.
- The sale includes a $50 million immediate payment for the arena and deferred payments totaling $60 million plus interest for the Coliseum over seven years, with additional revenue from 6% of ticket sales.
- Alameda County is selling its 50% Coliseum share for $115 million under similar deferred payment terms, and the arena will be sold separately to Oak View Group for $100 million, split evenly between city and county.
- Developers plan to transform the 112-acre East Oakland site into a mixed-use commercial, retail, entertainment, and residential complex, though some experts doubt housing viability due to location concerns.
- The seller-financed structure offers developers time to secure approvals and increase land value but poses financial risks to Oakland if development plans fail or financing issues arise.
