OAKLAND, Calif. (KGO) — Oakland city officials are celebrating a win with the sale of the city’s 50% stake in the Coliseum complex.
“Today is the start of a boom-loop here in Oakland! Let’s do it!” said Oakland City Council president Nikki Fortunato Bas, at a signing ceremony at Oakland City Hall.
Oakland Mayor Sheng Thao signing the Terms of Agreement allows the city to sell its 50% ownership in the 112-acre Oakland Coliseum complex for $105 million. The city will get $63 million in several installments between now and January. The remaining $48 million will be paid by June 2026.
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“This is a vicious cycle. We are continuously looking at how we don’t have enough resources. So this investment in the Coliseum is going to be felt decades from now,” says Thao.
The deal pumps millions into a city facing a historic deficit. The funds were already included in the recently passed mid-cycle …