Alameda County Approves Oakland Coliseum Sale To AASEG / OAC City Of Oakland Can Get It's Money - Oaknews
Alameda County Approves Oakland Coliseum Sale To AASEG / OAC City Of Oakland Can Get It's Money
Alameda County Approves Oakland Coliseum Sale To AASEG / OAC City Of Oakland Can Get It's Money The Former Oakland County of Alameda Councilmember Nikki Bas, who's vote helped advance the African American Sports and Entertainment Group (AASEG) effort to own the Oakland-Alameda County Coliseum Complex, issued the following press release announcing the finalization of the sale of the Coliseum Complex to AASEG. At its meeting on Tuesday, July 22, 2025, the Alameda County Board of Supervisors voted to finalize the deal to sell the Oakland-Alameda County Coliseum to the Oakland Acquisition Company, LLC (OAC). Approval of these agreements bolsters the City of Oakland’s efforts to pursue robust economic development at the Coliseum property. This vote is a major milestone in the complicated and lengthy process to sell the Coliseum complex to one organization with the experience and expertise to redevelop and revitalize the property for the benefit of Oaklanders and residents of Alameda County. Now, the parties will work towards closing the deal and transferring ownership to OAC by June 30, 2026, concurrently with the City of Oakland’s timeline. Supervisor Nikki Fortunato Bas said, “Getting this far in such a complex deal has been a community-wide effort and a testament to the resilience and persistence that makes Oakland so special. I look forward to a transformative project in collaboration with OAC and the community to revitalize the Coliseum for Oakland and the entire East Bay. As the former Oakland City Council President, I added language to the June 2024 ordinance that ensures the sale includes deed restrictions requiring at least 25% affordable housing for low-income households and a community benefits agreement to address labor standards, small, local business contracting, workforce and living wages, sustainable green development, and more. As a new Alameda County Supervisor in January 2025, I proposed and the Board approved a term sheet that provided a policy statement and direction for assigning the County’s 50% interest in the property from Coliseum Way Partners, LLC (CWP) to OAC. The Board’s approval today paves the way for OAC to gain 100% control of the property and pursue economic development with the City of Oakland and the broader community. This is an important opportunity for deep investment in East Oakland to create long lasting regional community benefits including good local jobs, affordable housing, green infrastructure, and a stronger tax base.” The County of Alameda has owned a 50% interest in the Oakland-Alameda County Coliseum located at 7000 Coliseum Way, Oakland, California. The Coliseum is approximately 112-acres in size and consists of an arena, a stadium, and other improvements. The vote on Tuesday to assign the County’s agreement with CWP to OAC facilitates key objectives of the County, specifically, it will divest the County from any role in operating a sports and entertainment facility and allow the County to refocus resources on its core mission, and vest ownership in a single entity. So what started as an idea done in a fit of pique in 2015 by Alameda County Supervisor Nate Miley, who wanted to separate the County from being in what he called "the sports business" is now a reality. A culmination of a series of missteps that resulted in the loss of the A's, the Raiders, and the Warriors. All of this phase of the story really started when Ray Bobbitt put up $40,000 of his own money to hire anti-trust lawyer James Quinn to sue the Raiders and the NFL to stop plans to relocate the Oakland Raiders to Las Vegas. While that failed, it did give birth to what is now called AASEG. The original partners were divided so Bobbitt sought a way to separate and start a new AASEG - one with the billionaire Loop Capital Group as partner. Bobbitt originally wanted to bring the NFL back to Oakland. Is that still in the plans is a good question, and a focus of this livestream. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://ift.tt/MB4bUZs
via YouTube https://www.youtube.com/watch?v=hcVGfXwsg-U
Alameda County Approves Oakland Coliseum Sale To AASEG / OAC City Of Oakland Can Get It's Money The Former Oakland County of Alameda Councilmember Nikki Bas, who's vote helped advance the African American Sports and Entertainment Group (AASEG) effort to own the Oakland-Alameda County Coliseum Complex, issued the following press release announcing the finalization of the sale of the Coliseum Complex to AASEG. At its meeting on Tuesday, July 22, 2025, the Alameda County Board of Supervisors voted to finalize the deal to sell the Oakland-Alameda County Coliseum to the Oakland Acquisition Company, LLC (OAC). Approval of these agreements bolsters the City of Oakland’s efforts to pursue robust economic development at the Coliseum property. This vote is a major milestone in the complicated and lengthy process to sell the Coliseum complex to one organization with the experience and expertise to redevelop and revitalize the property for the benefit of Oaklanders and residents of Alameda County. Now, the parties will work towards closing the deal and transferring ownership to OAC by June 30, 2026, concurrently with the City of Oakland’s timeline. Supervisor Nikki Fortunato Bas said, “Getting this far in such a complex deal has been a community-wide effort and a testament to the resilience and persistence that makes Oakland so special. I look forward to a transformative project in collaboration with OAC and the community to revitalize the Coliseum for Oakland and the entire East Bay. As the former Oakland City Council President, I added language to the June 2024 ordinance that ensures the sale includes deed restrictions requiring at least 25% affordable housing for low-income households and a community benefits agreement to address labor standards, small, local business contracting, workforce and living wages, sustainable green development, and more. As a new Alameda County Supervisor in January 2025, I proposed and the Board approved a term sheet that provided a policy statement and direction for assigning the County’s 50% interest in the property from Coliseum Way Partners, LLC (CWP) to OAC. The Board’s approval today paves the way for OAC to gain 100% control of the property and pursue economic development with the City of Oakland and the broader community. This is an important opportunity for deep investment in East Oakland to create long lasting regional community benefits including good local jobs, affordable housing, green infrastructure, and a stronger tax base.” The County of Alameda has owned a 50% interest in the Oakland-Alameda County Coliseum located at 7000 Coliseum Way, Oakland, California. The Coliseum is approximately 112-acres in size and consists of an arena, a stadium, and other improvements. The vote on Tuesday to assign the County’s agreement with CWP to OAC facilitates key objectives of the County, specifically, it will divest the County from any role in operating a sports and entertainment facility and allow the County to refocus resources on its core mission, and vest ownership in a single entity. So what started as an idea done in a fit of pique in 2015 by Alameda County Supervisor Nate Miley, who wanted to separate the County from being in what he called "the sports business" is now a reality. A culmination of a series of missteps that resulted in the loss of the A's, the Raiders, and the Warriors. All of this phase of the story really started when Ray Bobbitt put up $40,000 of his own money to hire anti-trust lawyer James Quinn to sue the Raiders and the NFL to stop plans to relocate the Oakland Raiders to Las Vegas. While that failed, it did give birth to what is now called AASEG. The original partners were divided so Bobbitt sought a way to separate and start a new AASEG - one with the billionaire Loop Capital Group as partner. Bobbitt originally wanted to bring the NFL back to Oakland. Is that still in the plans is a good question, and a focus of this livestream. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://ift.tt/MB4bUZs
via YouTube https://www.youtube.com/watch?v=hcVGfXwsg-U
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