Group Founded By Music Mogul May Purchase Oakland Arena As Part of Larger Sale

Oakland Arena’s concert popularity is driving a potential ownership shift within the Oakland Coliseum Complex. Oakland nonprofit African American Sports & Entertainment Group (AASEG) is proceeding with a plan to purchase the 155-acre complex, including the arena and stadium, as part of a larger sale. The complex is split between the city of Oakland and Alameda County, with the county’s share tied to a 2019 agreement involving the A’s. That agreement would need to be undone before the county’s portion can transfer. The county would reimburse escrowed funds, while AASEG would pay $115 million over several years plus 5% compounding interest. If Oak View Group buys the arena, the county would receive at least half of the principal proceeds. Environmental liability responsibility and a proposed exemption for the arena parcel remain unresolved.

"One unresolved issue is who would ultimately be responsible for environmental liabilities tied to the Coliseum property. Under the terms, AASEG would assume much of that responsibility, though developers are seeking an exemption for the arena parcel. Bobbitt told city officials the carveout could significantly affect the deal if it is not approved."

Read at sfist.com