The sale comes after AASEG, which plans to turn the stadium site into multi-use development, signed a deal with Oakland last week to buy the city's half of the Coliseum for $105 million. The A's said Monday's agreement with the development company is pending approval from the Alameda County Board of Supervisors, as the county is still listed on the title of the Coliseum.
Should the sale be greenlighted by the board of supervisors, it would end a more than three-year saga in which AASEG negotiated to acquire the Coliseum.
AASEG founder Ray Bobbitt said the negotiations were fast-tracked over the last few months, as Oakland passed a budget that relied on funds from the sale to close fiscal gaps. He also said that the imminent departure of the A's, who are set to leave Oakland next year for Sacramento, made negotiations easier for their share of the stadium.
The Oakland A's bought an interest in Alameda County's half of the stadium in 2019 for $85 million, which the team said it paid off earlier this year. At a press conference last week, Bobbitt said the county was still listed on the building's title.
Both Bobbitt and Oakland Mayor Sheng Thao have touted the development firm's plan for a "multi-billion dollar" investment to build housing on the Coliseum site.
When the Oakland City Council advanced the sale in June, it approved up to 4,000 housing units, with a quarter of them affordable.
