Groundhog's Day?

Board of Supervisors to offer an update on its sale of half the Coliseum, but we've heard this story before; A fusion energy startup is pitting Alameda versus Livermore for a new R&D facility

☕️MORNING BUZZ

—We’ve seen this before at the Alameda County Board of Supervisors recently when it comes to negotiations to sell its half of the Oakland Coliseum to the African American Sports and Entertainment Group (AASEG).

Alameda County Supervisor David Haubert will provide an update on the long-running, and to this point, fruitless negotiations with AASEG.

It’s unknown which direction the county’s negotiations are pointing. Talks with AASEG and its partner, the Oakland Acquisition Company, have occurred in closed session for several months.

—In the meantime, let’s review the past four months at the county-level:

While it appeared potential investors in AASEG’s purchase of the Coliseum were unsure about the venture in early March, Supervisors David Haubert and Nate Miley assured them in public remarks that a deal with the county is imminent.

Just two documents were needed by the county—a quitclaim deed, and a release related to litigation. This proved elusive when the attorney for OAC told the county they could only produce one of the documents.

Nevertheless, as late as April, some county officials remained confident that a simple term sheet with AASEG/OAC was around the corner. But it has yet to materialize, leading to today’s update.

—The Coliseum deal at the city-level:

The Oakland City Council signed an exclusive negotiating agreement with AASEG in October 2021, and announced the sale of its half share of the Coliseum to AASEG in July 2024. AASEG subsequently missed a series of payments.

A $60 million payment from AASSEG to the city was due by July 1. But, in April, Oakland officials extended the sale’s timeline to next year in order to align the closing date with the proposed sale of the county’s half to AASEG.

Oakland’s deal with AASEG is to close no later than June 30, 2026. As of today, AASEG has only paid a $5 million nonrefundable deposit toward the $125 million deal.

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—MORE INSIDE:

• Alameda County’s much derided 9-1-1 emergency response provider appears to be on the way out. The Board of Supervisors will decide whether to offer a six-year contract to a new company.

• Castro Valley’s de facto local government chooses to stay with its current leadership team.

• It’s Alameda versus Livermore in a competition to be the future home of a fusion energy startup.

• Meanwhile, a tech billionaire has a wild idea for turning half of Alameda Point into a futuristic tech campus. Apparently, he doesn’t know the former Navy property is highly polluted.

• San Leandro councilmember questions the city’s plans for district-based elections.

• Moneyball: Campaign contributions for local and state election officials for May-June.

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