Oakland City Council Approves Sale of Coliseum Stake to Private Consortium

On a special meeting, the Oakland City Council voted 6-1 to sell the city’s 50 % stake in the Oakland Coliseum to Oakland Acquisition Company (OAC), an affiliate of the African American Sports and Entertainment Group. The vote clears the way for a two-parcel transaction: a $100 million cash purchase of the 9-acre arena parcel by Oak View Group (OVG) and a $110 million lump-sum sale of the city’s Coliseum interest, plus a 6 % share of future ticket-sale revenue and an additional $15 million contingent on construction permits. A second reading is scheduled for July 21.

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Under the agreement, OAC will pay $60 million for the larger 103-acre stadium parcel over seven years, having already deposited $5 million. The city will be relieved of its roughly $6 million annual maintenance cost for the Coliseum and will receive up to $42 million in avoided expenses if the deal falls through. Councilmember Janani Ramachandran noted that the cash flow could support core city services. The sale follows years of team departures—the Warriors, Raiders and Athletics—and the recent decision by the Oakland Roots to leave the venue.

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Mayor Barbara Lee called the agreement “good news” and emphasized its potential to generate jobs and economic activity in underserved East Oakland. Councilmember Rowena Brown said the revenue will help revitalize the Hegenberger Corridor. OVG’s Irving Azoff pledged to upgrade the arena and attract larger shows, citing prior revitalizations at the Kia Forum and CFG Bank Arena.

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Councilmember Noel Gallo was the sole dissenting vote. City finance director Bradley Johnson warned that failure by OAC to meet payment schedules would revert ownership to the city, preserving the $42 million maintenance savings but leaving the project uncertain. Critics also highlighted the city’s prior reliance on anticipated sale proceeds in the 2024 budget, which contributed to service cuts after the funds failed to materialize.

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• “This is not a rescue mission in itself; it’s just an opportunity to take what I consider to be a B experience and make it an A-plus experience,” — Irving Azoff, former record executive and former CEO of Ticketmaster

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• “It is our hope that we can use that to help revitalize the Hegenberger Corridor, as well as help uplift East Oakland that has been underserved for so long,” — Rowena Brown, Councilmember

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• “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,” — Barbara Lee, Mayor

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• “That’s money, if this deal is signed and we transfer ownership, that can continue to flow back to the city of Oakland that we can use to keep our core city services going,” — Janani Ramachandran, Councilmember

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• “We are honored to have the opportunity to become stewards of this iconic arena and build upon its remarkable legacy.” — Irving Azoff, OVG founder

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