A's are still in negotiations to buy the remaining half of the venue from the city of OaklandGetty Images
The A's bought a 50% stake in the Oakland Coliseum site from Alameda County for $85M, "putting the team a step closer to a new ballpark and redeveloping the Coliseum property," according to Laura Waxmann of the S.F. BUSINESS TIMES. The team is "still in negotiations to buy the remaining half from the city of Oakland, which jointly owned the 155-acre site with Alameda." The A's and the county "faced the end of a 190-day due diligence period to close the deal" yesterday. In addition to reaching a deal with the city, the A's "must win approval to build a privately financed stadium at Oakland's Howard Terminal by the time the team's lease at the Coliseum expires" in '24. The team has a deal with the Port of Oakland to lease the site, which "could accommodate a 35,000-seat stadium and other uses." The new ballpark is "estimated to cost more than $500 million." The team also must "complete plans to redevelop the Coliseum site." The A's "have not proposed any specific development plans for the site, but allowed uses include large-scale sports and entertainment venues, commercial and residential uses in accordance with Oakland's Coliseum Area Specific Plan." As part of the agreement, the A's "will assume the county's $5 million per year operating costs on the aging facility." The team also will be "responsible for all liabilities associated with Alameda's 50% stake" (BIZJOURNALS.com, 10/5).
