Oakland will sell its half of Coliseum to group looking to redevelop complex

DANG, WE'RE TOPPING SOME BIG NEWS TODAY INVOLVING THE FUTURE OF THE OAKLAND COLISEUM. CITY LEADERS ANNOUNCING A PLAN TO SELL ITS PORTION OF THE COMPLEX, PAVING THE WAY FOR A MAJOR REDEVELOPMENT THERE. THANKS FOR JOINING US FOR MIDDAY LIVE. I'M JULIAN GLOVER, AND I'M KRISTEN SZE. >> ABC7 NEWS REPORTER GLORIA RODRIGUEZ BROKE THE STORY TODAY ON ABC SEVEN MORNINGS, AND SHE JOINS US LIVE IN THE STUDIO NOW WITH THE LATEST GLORIA. >> GOOD MORNING CHRIS AND JULIAN. I'M LEARNING THAT PROCEEDS FROM THE SALE WILL HELP COVER OAKLAND'S BUDGET DEFICIT, BUT THE MAYOR'S OFFICE TELLS ME THAT IS NOT THE REASON FOR THE SALE. THAT A SALE OF THE COLISEUM HAS BEEN YEARS IN THE MAKING. THE SALE PRICE IS AT LEAST $105 MILLION. THE BUYER OF THE CITY'S SHARE OF THE COLISEUM WILL BE THE AFRICAN AMERICAN SPORTS AND ENTERTAINMENT GROUP, A BLACK OWNED DEVELOPMENT TEAM ALSO KNOWN AS RSG. THE CITY HAS BEEN IN AN EXCLUSIVE AGREEMENT WITH THE GROUP SINCE LAST YEAR. IT'S AN INFLUENTIAL GROUP THAT HAS PLANS FOR A MASSIVE ENTERTAINMENT, RETAIL AND HOUSING DEVELOPMENT THAT COULD REVITALIZE THE COLISEUM AREA AND ALSO THE CITY. THERE'S ALSO TALK ABOUT PRESERVING THE OAKLAND ARENA AS A VITAL ENTERTAINMENT HUB. THE A'S OWN THE OTHER HALF OF THE COLISEUM, AND I'M TOLD THEY'RE ALSO IN NEGOTIATIONS TO SELL THEIR HALF. ANDY DOLICH CO-WROTE THE BOOK GOODBYE, OAKLAND. IT TALKS ABOUT TEAMS LEAVING THE CITY FOR THOSE DIEHARD A'S FANS, HE SAYS, DON'T LOSE HOPE BECAUSE THEY'RE STILL PLAYING AT THE COLISEUM. >> GOTTA KEEP THE FAITH IN YOUR SPORTS TEAM AND WHAT'S BEING LOST IN THIS IS SPORTS. FANS ARE NOT JUST ABOUT THE MONEY THAT THEY PAY FOR TICKETS AND HATS AND CATS AND EVERYTHING ELSE. IT'S ABOUT THE HEART, MIND AND SOUL THAT SPORTS FANS OF ALL GENERATIONS HAVE PUT INTO THESE TEAMS IN OAKLAND. AND THAT'S BEING RIPPED AWAY FROM THEIR GRASP. TO ME, AS A FAN CENTRIC BUSINESS MARKETER OVER THE YEARS, THAT'S WHAT I THINK THE GREATEST LOSS IS. >> AND ALL IT SAYS THINGS CAN STILL CHANGE. THE CITY COUNCIL NEEDS TO PASS AN ORDINANCE THAT WOULD ALLOW THE CITY ADMINISTRATOR TO MOVE FORWARD WITH THE SALE. THERE'S A PRESS CONFERENCE PLANNED FOR 3:00 THIS AFTERNOON ABOUT THE SALE AND THE MAYOR'S OFFICE TELLS ME THAT THE MAYOR WILL SUBMIT A MID-CYCLE BUDGET ADJUSTMENT ON FRIDAY, TAKING THE SALE INTO ACCOUNT

Channel: ABC7 News Bay Area

Views: 3,756

Keywords: news, abc, abc7news, oakland, athletics, oakland coliseum, redevelopment, African American Sports and Entertainment Group, AASEG

Id: 4SE9gum9YFc

Length: 2min 29sec (149 seconds)

Published: Wed May 22 2024