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Coliseums sale in Oakland clears hurdle
Alameda County supervisors have approved the terms of sale for the Coliseum in Oakland.
OAKLAND, Calif. - The long-delayed sale of the Oakland Coliseum cleared another hurdle after a unanimous vote from the Alameda County Board approved a term sheet for the sale on Tuesday, signaling a step forward.
The board has a 30-day negotiation period with the African American Sports and Entertainment Group (AASEG) to sell the county's 50% stake in the Coliseum before finalizing the deal.
"Today’s vote is a critical step in showing the public that the Board of Supervisors is committed to closing the Coliseum deal," Supervisor Nikki Fortunato Bas said.
In August, Oakland sold its 50% ownership of the 112-acre Coliseum to the Oakland Acquisition Company, an affiliate of AASEG, for $125 million and the sale of the A's stake in the property was still pending as it needed approval from the board. Tuesday's vote would give AASEG 100% control of the property.
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Concerns over Oakland Coliseum sale
The current signed and sealed Coliseum sale deal calls for $63 million to be paid to the city in four installments by the end of next June. But now, Oakland City Councilwoman Janani Ramachandran is expressing deep concerns that the buyer, the African-American Sports and Entertainment group, has missed or delayed a $10 million payment.
Supervisors had held up the sale while they continued to negotiate with AASEG over term sheet details, which laid out some specific conditions under which the deal could proceed. One of those conditions included the requirement that AASEG and any subsequent owners release the county from liability for any possible hazardous waste clean-up at the site.
The term sheet also required the end to a pending lawsuit brought by an environmental group, Communities for a Better Environment, challenging the county's initial sale to the A's over state rules that require local authorities to prioritize affordable housing on surplus public land.
Bay City News contributed to this report.