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The city of Oakland has reached an agreement to sell its 50% ownership share of the Coliseum to a local buyer, the African American Sports and Entertainment Group.
Mayor Sheng Thao's office held a news conference Wednesday afternoon at Castlemont High School, in which they gave more details of the deal, which is for a minimum purchase price of $105 million over two years.
Funds from the sale will help Oakland cope with its projected $177 million budget deficit, according to the mayor's office, and could enable the city to avoid painful cuts to city departments, including police services.
But Thao emphasized during Wednesday's news conference that the ultimate goal was not to close the deficit gap but to revitalize East Oakland.
"It takes a partner that understands there is a return on investments that doesn’t necessarily show up on that balance sheet," she said. "That is not just all about the money. But it’s about the community and making sure that they’re thriving.”
Chapters:
0:00 Explaining the ownerships and sales
3:00 A's will be done with Coliseum site?
3:45 What does it mean for the A's?
4:35 What does it mean for Oakland?
5:17 What does it mean for AASEG?
6:34 What does it mean for YOU?
Read More: https://www.nbcbayarea.com/news/local/east-bay/oakland-sale-coliseum-ownership/3545255/
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