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Oakland has taken a significant stride in securing the necessary funds to prevent major budget cuts. The city has recently signed a term of agreement for the sale of the Coliseum stadium.
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Mayor Sheng Thao and City Administrator Jestin Johnson officially signed a term agreement with the African American Sports and Entertainment Group (AASEG) on Tuesday morning. This agreement outlines the details of the sale, including the payment schedule and any deed restrictions that may be in place.
“We have made a significant improvement today, as our actions reflect a commitment to investing in a better future for Oakland,” Thao expressed during a press conference on Tuesday morning.
In late May, it was announced that Oakland had sold its half-ownership of the stadium to AASEG. The sale was portrayed as a means to assist the city in overcoming the significant deficit it had been grappling with throughout June.
The city council approved a budget that relied on the sale, averting any cuts to various departments. This was especially crucial for departments that ensure public safety, such as the police and fire departments.
If the sale had not gone through, officials would have had to make immediate cuts in September to address the shortfall. However, this new agreement provides a sense of security and victory for them, as they no longer have to make those difficult decisions.
The city will be able to maintain 678 sworn officers on the streets, fund crime reduction teams, graduate three police academies, and keep all fire stations operational with the funds.
AASEG will pay out approximately $60 million to the city during the 2024-2025 fiscal year. The purchase agreement requires a deposit of $5 million to be paid within five days of signing. Subsequently, the group will make payments of $10 million by September 1st, $15 million by November 1st, and $33 million by January 15th, 2025.
The payment of the remaining $42 million must be made by June 30, 2026 at the latest.
Ray Bobbitt, the founder of AASEG, expressed unwavering determination to push the process forward. He emphasized the importance of this endeavor for both families and the community. Bobbitt’s commitment to the cause was evident as he addressed the audience on Tuesday.
Bobbitt, a native of Oakland, is committed to the city and determined to bring new opportunities to the area. He emphasized the significance of investing in public safety, which is the primary concern for residents, and stressed the need to address it effectively in this endeavor.
The Oakland A’s baseball team, who are currently in their final season at the Coliseum, hold the other half of the ownership for the stadium. They acquired this portion from Alameda County. The team will be temporarily relocating to Sacramento while their new stadium in Las Vegas is being constructed.
AASEG, according to Bobbit, is actively communicating with the A’s to acquire their share of the stadium. However, no specific timeline was provided regarding when a formal deal will be presented.
The city of Oakland and the A’s engaged in a protracted struggle to keep the team from leaving when their stadium lease expired. However, despite the community’s longstanding support, Oakland was unable to persuade the baseball team to stay. As a result, bitterness and disappointment have permeated the community, which has now suffered its third loss of a professional sports team.
During the city meeting on Tuesday, Council president Nikki Fortunato-Bas expressed that Oakland had previously attempted to engage in negotiations with Alameda County to prevent the sale. However, despite their efforts, Alameda County proceeded with their own deal.
Fortunato-Bas emphasized that the investment being made in Oakland and the surrounding region is not only for the present, but also for the future. As mentioned by Mr. Bobbitt, it is a crucial investment in public safety.
“Oakland is about to experience a boom loop starting today!”
