Alameda County has approved a non-binding Oakland Coliseum sale term sheet, moving forward a revised framework tied to Oakland Acquisition Company, an affiliate of the African American Sports and Entertainment Group.
The Alameda County Board of Supervisors approved the framework at a special meeting on Thursday, May 28, 2026. The official document is titled “Non-Binding Term Sheet — Oakland-Alameda County Coliseum Complex Transaction.”
Oakland Coliseum Sale Term Sheet Moves Forward
Under the proposed structure, Alameda County would buy half of the 112-acre Oakland Coliseum site from Coliseum Way Partners, an affiliate of the former Oakland A’s baseball team, for $115 million.
OAC would then purchase that same ownership stake from the county for $115 million, plus 5% annual compound interest, through an agreed payment schedule.
The county term sheet says the transaction would happen in two phases: a “Commercial Closing,” expected in June 2026, and a later “Financial Closing,” when Alameda County is fully paid and deeds its remaining interest in the complex to OAC.
Lawsuit and Oakland Arena Sale Are Key Conditions
Before closing, OAC and Communities for a Better Environment would need to finalize an agreement under which the group would dismiss pending California Surplus Lands Act litigation related to the Coliseum complex.
The term sheet also says OAC, Oakland and Alameda County would negotiate in good faith to sell the Oakland Arena to a third-party buyer for at least $100 million. Alameda County would receive the greater of $50 million or half of the arena sale proceeds, unless a larger share is agreed to by the city.
June 30, 2026 Closing Date Reported
Bay City News reported that June 30, 2026, is set as the closing date for the sale to OAC and that an unnamed arena buyer would assume operations of the facility on that date.
Background: What the County Term Sheet Confirms
The official Alameda County term sheet describes the Oakland Coliseum transaction as a non-binding framework and says the commercial closing is expected in June 2026. Bay City News reported June 30, 2026, as the closing date, while the county term sheet itself refers more broadly to a June 2026 commercial closing. The deal is not final and still depends on lawsuit dismissal, final transaction documents, the Oakland Arena sale, city concurrence and other closing conditions.
The official county term sheet, however, describes the commercial closing more broadly as expected in June 2026.
The framework does not finalize the Coliseum sale. The term sheet states that it is an expression of intent only and does not create legally binding obligations. The deal still depends on lawsuit dismissal, final transaction documents, the arena sale, city concurrence and other closing conditions.
The approval moves the Coliseum redevelopment process into a more defined stage, but several legal, financial and environmental terms remain unresolved before the sale can close.
