The $105 million sale provides much-needed cash to Oakland, which would have faced more than $60 million in cuts to municipal services if the agreement hadn't been signed in the next month.
Thao said after signing the agreement Tuesday at City Hall: "We're investing not just in today, but we are investing in an Oakland for tomorrow."
Facing a significant budget shortfall, Thao proposed a controversial budget that used money from the then-incomplete sale of the Coliseum to fund city services. If the sale didn't go through by September, the city would face steep cuts, including some to its police and fire departments.
The City Council narrowly passed the budget earlier this month, setting up what Thao described as "high-stakes negotiations" with development firm African American Sports and Entertainment Group to sell the share of the Coliseum.
For selling its half share of the Coliseum, Oakland is set to receive $5 million from AASEG after signing the agreement. Then, it will receive another $10 million on Sept. 1 and $15 million in November. AASEG will pay the city $33 million in January and $42 million before June 2026. This payment schedule staves off the service cuts for this year, Thao said.
