Coliseum Deal Shifts with New Terms | San Jose News

Oakland’s long-stalled Coliseum sale just got a major twist: the buyer, OAC, won’t pay upfront but will take an 8-year city loan with penalties for missed payments. They’re also eyeing a $100M flip to music mogul Irving Azoff’s group, who’ll fund arena upgrades and promise $40M in private cash. The city and Alameda County are both set to pocket $50M after the 2027 closing, plus OAC will pay 5% interest on payments and 6% of future ticket sales. City’s annual $6M operating costs vanish, and if OAC defaults, the city reclaims the property. Officials tout this as a taxpayer-neutral win that’ll pay down pension debt, create jobs, and revitalize the economy — though skeptics question OAC’s ability to pull it off without city backing. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d869f7a846ce4778