This browser does not support the Video element.
Oakland charter reform measure placed on ballot
Oakland city leaders are pushing to restructure the framework of the city's government, ultimately leaving the final decision in the hands of voters.
OAKLAND, Calif. - A new potential buyer has emerged for the Oakland Arena, matching and exceeding a previous offer for the venue.
Legends Global, the company that has managed the arena since 2012, has submitted an offer of $102.5 million to purchase the facility, the San Francisco Chronicle first reported. As part of its proposal, the company is also offering to share a portion of the arena's billboard advertising revenue with both the city and the county.
The bid follows action last month by the Alameda County Board of Supervisors, which approved allowing the sale of the arena.
That decision was part of a larger deal to sell the county's half-share of the surrounding Coliseum property to the African-American Sports and Entertainment Group.
Legends Global is not the only party interested in the property; an unnamed private equity firm has also reportedly made a $100 million offer for the arena, according to The Oaklandside.
The Chronicle reported the third party is Oak View Group.
The Source: San Francisco Chronicle, The Oaklandside