Oakland Coliseum Sold for $105 Million

Oakland has finalized a $105 million sale of its stake in the Coliseum to the African American Sports and Entertainment Group (AASEG), aimed at revitalizing East Oakland. The agreement will provide the city with essential funds and is expected to prevent significant cuts to public services, including police and fire departments. Mayor Sheng Thao emphasized the sale as an investment in the community, although critics, including the Oakland Police Officers' Association, labeled it a temporary solution to the city’s ongoing financial issues. The A's also sold their half of the Coliseum to AASEG for $125 million, solidifying the development group's control over the property. AASEG plans to develop the site in phases over the next decade. City leaders remain optimistic about the transformative potential of the deal despite challenges ahead.