According to officials, the city council is scheduled to hold a special meeting Monday morning on a plan that would authorize selling the city's 50% stake to the Oakland Acquisition Company (OAC), an entity comprised of Loop Capital and the African American Sports and Entertainment Group (AASEG).
"My bottom line is always what's best for Oaklanders and the City's ability to serve them well — and this proposal is a step forward," Mayor Barbara Lee said in a statement. "This deal will pave the way towards creating jobs and economic opportunities, specifically for east and deep east Oaklanders."
Consisting of the Coliseum and Oakland Arena, the city holds a 50% interest in the site, while Alameda County holds the other 50%.
Officials are expected to discuss the deal at a briefing Monday morning ahead of the council's vote.
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