Bay Area

Mayor Sheng Thao Signs Amended Agreement to Sell Coliseum for Higher Price, Paid in Current Fiscal Year

The City of Oakland and the African American Sports & Entertainment Group (AASEG) have signed an amended Purchase and Sale Agreement for the City’s half of the Coliseum site. The new agreement results in a total price increase of 14% to $125 million and accelerates the payment schedule for the City to receive $110 million within the current fiscal year. The previous agreement had a purchase price of $105 million with $60 million being paid by June 30, 2025.

Published

1 year ago

October 18, 2024

Oakland Post

File photo of Ray Bobbitt at a Raiders game at the Oakland Coliseum.

By Post Staff

The City of Oakland and the African American Sports & Entertainment Group (AASEG) have signed an amended Purchase and Sale Agreement for the City’s half of the Coliseum site.

The new agreement results in a total price increase of 14% to $125 million and accelerates the payment schedule for the City to receive $110 million within the current fiscal year. The previous agreement had a purchase price of $105 million with $60 million being paid by June 30, 2025.

Under the ordinance authorizing the sale, Mayor Sheng Thao secured additional funds to be received within a shorter timeframe to enable the transformative investment and redevelopment of the Coliseum site.

The acceleration of the deal will also allow AASEG to take title and begin development of the site sooner than the original agreement. The additional revenue received by the City of Oakland will increase general fund resources for city-wide services, including public safety and fire services.

The new agreement requires both parties to close the deal within the fiscal year, triggering early defeasement of the last Arena bond payment of $4.2 million. As such, the amendment obligates the buyer to pay all early defeasement costs for the City and County.

According to Google, the defeasance process is a means by which borrowers can replace the collateral used on a mortgage loan with another asset or substitute collateral—usually a portfolio of government bonds backed by the U.S. Treasury, or, typically, the collateral on a mortgage is the home or property

“This amended agreement with AASEG is a win-win,” said Thao. “The City secured a higher purchase price with faster payments. This structure also allows AASEG to kickstart their historic investment in East Oakland and create jobs and economic opportunity sooner than under the original agreement.”

“We are very grateful for the hard work of the City team in helping reach our amended agreement,” said AASEG Managing Member Ray Bobbitt. “The creation of jobs, housing, art, clean green space and a new generation of Sports and Entertainment at the Coliseum site cannot wait; and will provide a certain pathway to the revitalization of East Oakland through massive investment.”

In a statement, Thao urged Councilmembers Janani Ramachandran and Treva Reid to base their statements on facts and not spread misinformation.

“Councilmembers Reid and Ramachandran were briefed for two hours on Monday by the City Administrator, Finance Department, and the Coliseum Negotiating Team. They were extensively filled in on the amended deal terms, financial conditions of the organization, and provided ample time to seek answers to their questions, including commitments to follow up.

“During that time they were urged as elected officials to only share accurate and verified information with the public given their position as public officials,” said the mayor.

“The Coliseum deal is great for Oakland, and it is neither the cause of nor full solution to the City’s budget deficit,” she continued. “Nonetheless, I expect it to help save us from the most drastic public safety cuts. And, in the meantime, we are creating both temporary and permanent solutions to the decades-long budgetary challenges we face here in Oakland.”

“(The councilmembers) are welcome to be part of the solutions, not (to) deepen mistrust with false information and further divide us,” Thao said.

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Oakland Post: Week of February 25 – March 3, 2026

The printed Weekly Edition of the Oakland Post: Week of – February 25 – March 3, 2026

Published

4 days ago

March 1, 2026

Oakland Post

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Chase Oakland Community Center Hosts Alley-Oop Accelerator Building Community and Opportunity for Bay Area Entrepreneurs

Over the past three years, the Alley-Oop Accelerator has helped more than 20 Bay Area businesses grow, connect, and gain meaningful exposure. The program combines hands-on training, mentorship, and community-building to help participants navigate the legal, financial, and marketing challenges of small business ownership.

Published

2 weeks ago

February 21, 2026

Oakland Post

Bay Area entrepreneurs attend the Alley-Oop Accelerator, a small business incubation program at Chase Oakland Community Center. Photo by Carla Thomas.

By Carla Thomas

The Golden State Warriors and Chase bank hosted the third annual Alley-Oop Accelerator this month, an empowering eight-week program designed to help Bay Area entrepreneurs bring their visions for business to life.

The initiative kicked off on Feb. 12 at Chase’s Oakland Community Center on Broadway Street, welcoming 15 small business owners who joined a growing network of local innovators working to strengthen the region’s entrepreneurial ecosystem.

At its core, the accelerator is designed to create an ecosystem of collaboration, where local entrepreneurs can learn from one another while accessing the resources of a global financial institution.

“This is our third year in a row working with the Golden State Warriors on the Alley-Oop Accelerator,” said Jaime Garcia, executive director of Chase’s Coaching for Impact team for the West Division. “We’ve already had 20-plus businesses graduate from the program, and we have 15 enrolled this year. The biggest thing about the program is really the community that’s built amongst the business owners — plus the exposure they’re able to get through Chase and the Golden State Warriors.”

According to Garcia, several graduates have gone on to receive vendor contracts with the Warriors and have gained broader recognition through collaborations with JPMorgan Chase.

“A lot of what Chase is trying to do,” Garcia added, “is bring businesses together because what they’ve asked for is an ecosystem, a network where they can connect, grow, and thrive organically.”

This year’s Alley-Oop Accelerator reflects that vision through its comprehensive curriculum and emphasis on practical learning. Participants explore the full spectrum of business essentials including financial management, marketing strategy, and legal compliance, while also preparing for real-world experiences such as pop-up market events.

Each entrepreneur benefits from one-on-one mentoring sessions through Chase’s Coaching for Impact program, which provides complimentary, personalized business consulting.

Garcia described the impact this hands-on approach has had on local small business owners. He recalled one candlemaker, who, after participating in the program, was invited to provide candles as gifts at Chase events.

“We were able to help give that business exposure,” he explained. “But then our team also worked with them on how to access capital to buy inventory and manage operations once those orders started coming in. It’s about preparation. When a hiccup happens, are you ready to handle it?”

The Coaching for Impact initiative, which launched in 2020 in just four cities, has since expanded to 46 nationwide.

“Every business is different,” Garcia said. “That’s why personal coaching matters so much. It’s life-changing.”

Participants in the 2026 program will each receive a $2,500 stipend, funding that Garcia said can make an outsized difference. “It’s amazing what some people can do with just $2,500,” he noted. “It sounds small, but it goes a long way when you have a plan for how to use it.”

For Chase and the Warriors, the Alley-Oop Accelerator represents more than an educational initiative, it’s a pathway to empowerment and economic inclusion. The program continues to foster lasting relationships among the entrepreneurs who, as Garcia put it, “build each other up” through shared growth and opportunity.

“Starting a business is never easy, but with the right support, it becomes possible, and even exhilarating,” said Oscar Lopez, the senior business consultant for Chase in Oakland.