Overview
- The Alameda County Board of Supervisors voted unanimously to transfer its 50% ownership stake in the Coliseum site to Oakland Acquisition Company, an affiliate of the African American Sports and Entertainment Group.
- AASEG’s affiliate will pay $125 million to both Alameda County and the City of Oakland to consolidate full ownership of the 112-acre complex, with escrow set to close by June 30, 2026.
- With the county hurdle cleared, the developer can begin site due diligence, resume its payment schedule and launch negotiations for a community benefits agreement with East Oakland stakeholders.
- The coalition plans a $5 billion mixed-use project featuring housing, retail, entertainment venues and sports facilities on the aging Coliseum grounds.
- Oakland’s development ordinance requires at least 25% of new housing to be affordable and enforces union labor standards to ensure the project addresses long-standing disinvestment in East Oakland.