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City Council to consider Oakland Coliseum sale amendment
An affirmative vote would approve the sale of the city’s 50% stake in the Coliseum for $110 million, plus 6% of all future annual gross ticket sales from events at the location.
OAKLAND, Calif. - The Oakland City Council voted 6-1 on Monday morning to sell the city’s 50% stake in the Oakland Coliseum, setting up a second vote later this month to officially determine the stadium's fate.
Selling the Coliseum?
The vote took place at a Special City Council meeting at 10:30 a.m at Oakland City Hall, and all but Councilmember Noel Gallo voted in support of the sale.
The council will meet again on July 21 to have a second reading of the proposal and officially vote on a course of action.
An affirmative vote would approve the sale of the city’s 50% stake in the Coliseum to Oakland Acquisition Company (OAC) for a lump sum of $110 million, plus 6% of all future annual gross ticket sales from events at the location.
The city will also receive an additional $15 million "at a later date" as OAC obtains building permits for new construction.
What they're saying
"My bottom line is always what’s best for Oaklanders and the City’s ability to serve them well — and this proposal is a step forward," said Oakland Mayor Babara Lee in a prepared statement. "This deal will pave the way towards creating jobs and economic opportunities, specifically for east and deep east Oaklanders. Thank you to the city negotiating team for their hard work to bring this proposal forward."
The proposed deal would approve a cash sale of the Arena parcel to OAC, which will result in the City receiving $50 million by early 2027, with the Stadium parcel to be sold for $60 million.
The city would also be immediately relieved of financial liabilities connected with the Coliseum by transferring ownership to OAC earlier in the process.
Lee, City Council President Kevin Jenkins, Councilmember Janani Ramachandran and co-founder of Oak View Group held a press conference prior to the Monday morning vote to support the sale of the Coliseum.
"Oakland is one of America’s great music cities. I spent some very special times earlier in my career working with Bill Graham on Day on the Green, and I have many fond memories of those days," Azoff said. "We are honored to have the opportunity to become stewards of this iconic arena and build upon its remarkable legacy. I look forward to once again bringing the very best artists and events to Oakland and ensuring that the venue remains a source of pride for the community for generations to come."
The Source: Oakland City Council