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Alameda County Looking To Sell Stake In O.co Coliseum Complex, Points To Annual Losses

Alameda County leaders "want out of the pro sports business and have told Oakland officials that they are ready to sell their stake" in the O.co Coliseum complex, according to a front-page piece by Matier & Ross of the S.F. CHRONICLE. The move "would be a major game changer in the negotiations to keep" the Raiders, A's and Warriors "playing in the East Bay." Alameda County Supervisor Nate Miley said, "It’s been extremely challenging to negotiate a deal with the city, the county, two public entities and three sports teams." Miley said that county reps yesterday "delivered the message" to Oakland Mayor Libby Schaaf and NFL execs at a meeting at the Raiders’ Alameda HQ. The full county Board of Supervisors has told staffers "to get to work on the details, although a vote would be required to make it happen." The city has "hooked its hopes" to San Diego developer Floyd Kephart and his partners from New City Development, who "want to build" a $900M football-only stadium on the O.co Coliseum site. The county "has done an appraisal on the Coliseum complex." While no figure has been disclosed, it is "believed to be worth hundreds of millions of dollars." Miley said that the county "loses money on the Coliseum every year," but that is "not the case for Oakland because the city gets money from parking taxes and various other sources" (S.F. CHRONICLE, 7/30). In Oakland, Matthew Artz notes the county "has not said how the city or an outside developer could structure a buyout of the county's share of the Coliseum land." The city and county "are on the hook for nearly" $100M in bond debt that "was used to renovate" O.Co Coliseum 20 years ago. Miley said, "Everyone acknowledges the city doesn't have the money. So we would work on a payment plan that would be ironclad" (OAKLAND TRIBUNE, 7/30).

DIAMOND DAZE: The A's reportedly recently have held positive talks with Schaaf about their future in Oakland, and the S.F. Chronicle's Ann Killion said that is a "positive" sign. She noted Schaaf "seems to be engaged and proactive, which you couldn’t say for her predecessors necessarily.” SI’s Phil Taylor said if the A's ballpark "goes forward, it might pave the way for the Raiders leaving." Giants President & CEO Larry Baer said the city and the A's holding talks is "music to our ears, and we're supportive of it" (“Sports Talk Live,” CSN Bay Area, 7/29).

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