The much-anticipated sale of Oakland's stake in the Coliseum has hit yet another delay, this time at the behest of Alameda County officials who are still deep in the weeds with their negotiations regarding the purchase of the property by the African American Sports and Entertainment Group (AASEG). The city, which owns half of the crucial Coliseum site that houses not only the stadium but also administrative offices and sprawling parking lots, was originally scheduled to finalize the sale of its share by May 30, but city officials have now agreed to postpone the closing date until early next year.
According to The Oaklandside, during Monday's City Council meeting, council members voted to align Oakland's sale timeline with Alameda County's, which has faced its challenges in finalizing the sale of the A's share to AASEG, including the need for a quitclaim deed and resolution to pending litigation against the transaction. The twists also influenced the city's decision and turn the county has encountered, leading some county Board of Supervisors members to attend meetings to closely monitor the unfolding discussions surrounding the transfer of the A's stake to the AASEG.
Despite setbacks, Supervisor David Haubert signaled a positive outlook, stating that the county is progressing toward a deal, as reported by the San Francisco Chronicle. Ray Bobbitt, AASEG's co-founder, conveyed optimism at the council meeting, saying the capital and the financial process are committed to ensuring that the stakeholders understand the firm's dedication to the project and the revitalization of East Oakland.
The stakes for Oakland unspooling from this deal are no small matter. The city has faced significant financial pressure and political upheaval, with former Mayor Sheng Thao's controversial plan to use proceeds from the sale of the Coliseum to plug a gaping budget deficit having been thwarted by the delays. The city faced no choice but to enact severe austerity measures cutting deep into city service budgets. Now, however, Interim Mayor Kevin Jenkins has sought to distinctly separate the ongoing budget work from the outcome of the Coliseum transaction, thereby insulating city services from further sale-related uncertainty.
