Overview
- The City Council approved the revised deal on Monday, July 13, transferring Oakland’s half of the 112‑acre Coliseum complex to Oakland Acquisition Company (OAC).
- Under the terms the city will get $50 million at closing for the arena parcel, $60 million for the stadium parcel paid over up to seven years with a $5 million deposit already made, plus $15 million when permits are obtained and a 6% share of future ticket revenue.
- The agreement relies on seller‑financing for most of the stadium price, a structure city officials say gives OAC time to secure entitlements but that critics say risks leaving public agencies unpaid if development falters.
- OAC plans to sell the arena parcel to Oak View Group, led by Irving Azoff, which has pledged capital upgrades and more live events, and the closing is targeted as soon as September and no later than January 2027.
- The vote drew criticism because OAC previously missed a scheduled payment and because a competing proposal from longtime arena operator Legends Global was not chosen, leaving questions about transparency and fiscal prudence as the city seeks to stop roughly $6 million a year in maintenance losses.