Oakland moves forward on seller-financed Coliseum sale amid criticism and rival bid

Oakland lawmakers advanced a revised $125 million deal to sell the city’s 50% stake in the Coliseum complex, pairing a $50 million arena sale with $60 million of seller-financed financing at 5% interest for the stadium parcel (first payment deferred to 2032) to keep the deal alive and reduce ongoing costs. The agreement follows a missed payment deadline by the original buyer and a federal corruption probe linked to former Mayor Sheng Thao, drawing criticism over transparency. Legends Global had proposed a competing $102.5 million bid for the arena and related revenues but was not chosen. The City Council is set to vote again on July 21.