The City of Oakland is reportedly set to sell its half of the Coliseum site to a private developer, with the deal expected to be announced on Wednesday.
According to Eli Rosenberg of the San Francisco Chronicle, Oakland is selling its share for at least $105 million to African American Sports & Entertainment Group.
However, just when you thought the complicated situation with the old stadium was going to be cleared up, think again. The MLB's Oakland Athletics are in the process of completing their purchase of the other half of the old stadium from Alameda County, something that would complicate AASEG's plans to develop the site.
It should be noted, though, that AASEG is negotiating with the A's to buy their half, although the MLB squad turned down a $115 million offer last year. There is hope that a deal can eventually be reached, though.
As far as AASEG's plans for the site go, it includes a $5 billion plan to build housing, restaurants and a new convention center, with the hope of bringing both pro soccer and women's basketball teams, as well as a possible NFL expansion franchise.
Oakland was planning on shutting down a handful of fire stations and reducing its police force, as well as laying off several city workers due to budge issues. This sale will avoid that.
