Updated at 6 p.m.
The long-awaited deal to sell the Oakland Coliseum could be finalized as soon as next month, after a vote by the Alameda County Board of Supervisors on Tuesday.
The county, which jointly owned the property with the city of Oakland until it sold its stake to the A’s in 2019, voted unanimously to formally cut ties with the site after reaching an agreement with the African American Sports and Entertainment Group, local developers aiming to redevelop the site. The lengthy negotiations have garnered attention partly because they’ve delayed AASEG’s purchase of Oakland’s 50% share, which would bring badly needed revenue to restore fire services and soften the city’s nearly $130 million budget deficit.
AASEG founder and managing member Ray Bobbitt said before the vote that the resolution and term sheet will finally put a deadline on the deal.
“It gives us a timeline to complete it, which is 30 days,” he told KQED. “We’ve reached outline terms, and so this would be a great opportunity for us to just sort of come out of today with some certainty.”