The Oakland City Council unanimously voted Wednesday to authorize the sale of its share of the Oakland Coliseum to the locally owned African American Sports and Entertainment Group.
The item was approved unanimously by an 8-0 vote. The vote allows City Administrator Jestin Johnson to negotiate the sale of the city's 50 percent ownership of the property to AASEG for at least $105 million. 'This is an opportunity to create jobs and create hope and create revenue that will come back to the city of Oakland every year for years to come to strengthen our ability to provide vital services,' City Councilmember Rebecca Kaplan said prior to the vote.
Complicating development of the site, however, is the fact that the A's, a Major League Baseball team, entered into an agreement to buy the other 50 percent stake in the property from Alameda County for $85 million.While AASEG is currently in talks with the A's to acquire their half of the property, it's unclear when or if such a sale might be finalized.
Baseball Sheng Thao Oakland Oakland A'
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