Alameda County approves $85 million sale of Coliseum site to the A’s

The Alameda County Board of Supervisors unanimously approved the sale of its half of the Coliseum complex to the Oakland Athletics at a special meeting on Monday for $85 million paid over six years.

Alameda County beatThe Board of Supervisors have for years voiced a strong appetite for “getting out of the stadium business,” as some of them have described the county’s equal partnership in operating the Oakland Coliseum and arena.

The $85 million price tag, however, had been criticized by some as a below-market offer. An assessment of the property by the county asserted recently that half of the Coliseum site is worth $82 million.

The Athletics’ effort to purchase an interest in the site had been met with opposition from Oakland city officials. A temporary restraining order filed in Alameda County Superior Court by the city of Oakland last September sought to block the county’s sale of the property to the team.

Oakland city leaders then relented and ultimately dropped the lawsuit. In part, after Major League Baseball Commissioner Rob Manfred suggested the A’s could possibly relocate to another city if Oakland officials maintained their opposition to the Coliseum sale.

Oakland Mayor Libby Schaaf initially opposed the county’s deal, but offered support prior to Monday afternoon’s Board of Supervisors meeting.

“A sale represents progress for East Oakland, A’s fans and all of us working to keep the A’s rooted In Oakland,” Schaaf tweeted. “My hope is that any sale by the County includes generous community benefits, affordable housing, and ensures East Oakland residents benefit the most.”

The A’s plan to develop the Coliseum site for housing, retail, a business park, and open space, among an early proposal of uses for the 155-acre, transit-friendly property. Proceeds from the development could be used to help pay for the team’s proposed privately-funded downtown ballpark at Howard Terminal, the team has indicated.