( KRON ) — One month after an agreement was signed for the City of Oakland to sell its stake in the Oakland Coliseum, the city has still not received any money from the group that agreed to purchase it, three city councilmembers said.
The deal was for the city to sell its 50% stake in the former Oakland A’s ballpark to the African American Sports and Entertainment Group (AASEG) for $105 million. If the deal does not go through, the city will have to enact drastic budget cuts to several departments, which the councilmembers say will now happen.
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When AASEG formally signed a term sheet in July, Mayor Sheng Thao called the deal a “massive win for Oakland.” However, the city was supposed to receive a $15 million payment by Sept. 23 at the latest — and it still has not arrived, Councilmembers Janani Ramachandran (District 4), Treva Reid (District 7), and Noel Gallo (District 5) said.
“I am dismayed by the complete lack of transparency displayed by City leadership throughout the process of selling the Oakland Coliseum and call upon the Mayor and City Administrator to provide the public with clear answers,” said Councilmember Ramachandran…