The A's have agreed to sell their share of the Coliseum Complex to the African American Sports and Entertainment Group, which recently purchased the City of Oakland's share for $105 million.
The deal announced Monday finalizes a new path for the Coliseum Complex.
In a joint statement, both sides said the A's will sell their interest for $125 million.
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Alameda County supervisors must ultimately sign off on the deal.
Oakland Mayor Sheng Thao released the following statement on Monday:
"This is another incredibly exciting day. When we agreed on our terms with AASEG for the City’s half of the Coliseum site, we knew this was right around the corner. Having one entity control the entire Coliseum site will fast track much-needed and deeply deserved development in East Oakland. I applaud the A’s for doing the right thing and coming to their own terms with AASEG for the County’s half of the land. Again, this isn’t a short-term solution. This is a multi-billion-dollar development that is going to deliver affordable housing, jobs, business opportunities, community benefits and tax revenue for decades to come."
Sgt. Tim Dolan, vice president of the Oakland Police Officer's Association released the following statement on Monday:
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“The Oakland Police Officers Association does not believe the sale of city assets is a sound financial solution to the likely economic disaster the City of Oakland, its residents and businesses are facing. Generating one-time monies without a serious fiscal strategy makes no sense.
“Today’s announcement by the Oakland A’s of the tentative sale of its portion of the coliseum property should be a moment for reflection that our city has lost its last professional sports team. It should also be noted that the A’s got $20 million more for their half of the property than Mayor Sheng Thao’s sale of the city’s half portion.
“Mayor Sheng Thao is simply kicking the can down the road and fiddling as Oakland burns from crime, disorder and an epic economic failure under her leadership and the council majority. We are concerned that Oakland will be facing financial ruin and that residents, businesses and police officers will pay the price for the mayor’s and council majority’s mismanagement.”