Alameda County board advances Coliseum sale with unanimous OK of nonbinding term sheet

Alameda County supervisors on June 30 voted unanimously to adopt a nonbinding term sheet that advances renegotiation of the county’s conditional consent and a second amendment to the 2019 disposition agreement to convey the county’s undivided half-interest in the Oakland-Alameda County Coliseum Complex.

County Counsel told the board the posted term sheet would increase the headline purchase price from the original $85,000,000 to $115,000,000 but would shift how that sum is paid. "OAC would agree to pay the county that same $115,000,000. However, it would be paid in three installments with compound interest at the rate of 5% per annum on the unpaid balance," County Counsel said. Under the term sheet, installment payments would begin the earlier of one year after planned-development approvals from the city of Oakland or five years after the commercial closing.

The term sheet also provides that, contemporaneous with the commercial closing, OAC, the city and county would sell the arena parcel to a third-party buyer. The county would receive no less than the greater of $50,000,000 or one-half of the net proceeds of the arena sale; those proceeds would be applied to reduce the outstanding purchase price owed by OAC. County Counsel said the commercial close is anticipated around June 30, 2026, with a later financial close when final payments and title transfer occur.

Supervisors pressed county counsel on environmental liability allocations and on whether the county would remain on the hook for preexisting hazardous-material obligations. "It means that if we do the deal with Coliseum Way Partners, we remain on the hook. If we do a deal as we currently structured with OAC, we have eliminated some or hopefully all as much as we can of that liability," County Counsel said. Counsel cautioned that some liabilities could persist until a transaction actually closes and noted the term sheet conditions include dismissal, with prejudice, of pending litigation (the Goldsmith case) and a full release of claims.

Several board members emphasized the term sheet is nonbinding and allows continued negotiation. "It's nonbinding — it doesn't preclude further negotiation," Supervisor Miley said, urging fiduciary prudence while also stressing the long history of negotiations and potential benefits of moving forward for East Oakland. Several supervisors said approving the posted term sheet (which excludes an arena-specific carve-out that OAC proposed) would keep momentum while leaving open negotiation of environmental and arena-related details.

Public comment featured 21 in-person speakers, many of them labor and business leaders, who urged the board to move forward while protecting workers and clarifying environmental responsibility. Lindsay Behrens, president of Oakland Roots and Soul, said, "We are very excited about this transaction ... creating more jobs, sports, and economic opportunity in East Oakland." Alameda Labor Council’s Keith Brown urged honoring collective bargaining agreements and retaining workers, asking that the arena buyer "retain all workers, honor collective bargaining agreements, and partner with labor."

Board members then moved and seconded a motion to accept the terms as posted — explicitly excluding the arena carve-out requested by OAC — and the clerk recorded a unanimous roll-call vote. Supervisors Marquez, Tam, Miley, Fortunato (Bass/Vaz) and President Halbert voted "Aye." President Halbert said negotiators will continue working with OAC and that the county’s negotiating team — with two supervisors as observers — will press to resolve outstanding issues.

What happens next

Because the paper approved was a nonbinding term sheet, several material items remain subject to negotiation: (1) the final assignment of environmental obligations and remediation responsibilities, (2) the arena buyer’s reciprocal easement and parking/access arrangements, (3) timing and triggers for the installment payments, and (4) definitive dismissal and release language tied to the pending litigation. County Counsel said the document projects a closing by June 30, 2026 but repeatedly cautioned that the schedule and many deal details require further agreement among the county, the city of Oakland, OAC and the arena buyer.

The board’s action moves the county further down a negotiated path but does not, by itself, transfer title or require immediate payment.