Oakland City Council to vote on Coliseum complex sale

The Oakland City Council is expected to hold its final vote Tuesday on selling the Oakland Coliseum complex for $125 million. The city currently holds a 50% stake in the complex, while Alameda County owns the remaining half, and the county has already approved its share of the deal. According to city documents, Oakland leaders are considering a second amendment to the original agreement to provide improved financial terms for the city. The revised arrangement would also enable an initial $50 million all-cash sale of the Oakland Arena to Oak View Group. Oak View Group co-founder Irving Azoff said the company plans to invest $40 million in upgrades to the arena.