Oakland Advances $110M Coliseum Sale on 6-1 Vote

The Oakland City Council took the biggest step yet in a five-year effort to unload the city's half-interest in the 112-acre Coliseum Complex, voting 6-1 on first reading to split the property into two simultaneous transactions — a $50 million all-cash arena sale and a $60 million seller-financed stadium deal — while locking in a perpetual 6% cut of all future ticket revenue. The vote ends a roughly $6 million annual taxpayer subsidy and directs the arena proceeds straight to the city's pension debt.

• Council votes 6-1 to advance restructured $110M Coliseum sale on first reading, with final passage set for July 21

• $50M in cash from the arena sale will pay down Oakland's unfunded CalPERS pension liabilities, reducing ongoing retirement obligations

• A perpetual 6% gross ticket revenue share from the arena, stadium, and any future venues is estimated to generate roughly $3M annually at the outset

• Twenty-one public speakers turn out overwhelmingly in support, but the Oakland United Coalition pushes for a community-driven benefits agreement covering both parcels — not just the stadium site

• Councilmember Gallo casts the lone no vote, questioning the revenue share rate, the absence of a formal appraisal, and whether all AASEG founding members were consulted