Oakland mayor ripped over $60M sweetheart stadium deal

Key Points:

• Oakland lawmakers advanced a controversial deal to sell the city's 50% stake in the Coliseum complex, despite the buyer missing a key payment and a competing bid from the arena's longtime operator.
• The revised agreement includes seller-financing $60 million at 5% interest to keep the $125 million deal alive, with the first payment possibly deferred until 2032, aiming to relieve the city of ongoing ownership costs.
• Critics accuse Mayor Barbara Lee and the City Council of persisting with a problematic deal originally brokered under ex-Mayor Sheng Thao, who was later indicted on unrelated corruption charges.
• A competing proposal from Legends Global, the arena's operator since 2012, offered $102.5 million in cash and deferred obligations, plus future revenue shares, but was rejected by Oakland officials.
• Supporters argue the deal consolidates ownership and generates new revenue streams, while opponents question the city's handling of the process and the unusual financing structure.