The deal to sell the Oakland Coliseum has been stalled once again.
The city and private investors looking to buy the property have been waiting for Alameda County supervisors to approve and finalize the sale agreement. Supervisors had set Thursday as the deadline but now say they need more time.
The complicated deal, which included two buyers, three sales, and a lawsuit, has been on hold for months.
"The good news is that they identified the specific two documents they were looking for," said Ray Bobbit, co-founder of the African American Sports & Entertainment Group (AASEG).
A county attorney said as long as supervisors get two crucial documents from the investor group the deal will move forward, despite the deadline being Thursday evening.
Attorneys for the AASEG, which struck a deal to buy the Oakland Athletics' half of the coliseum, are already working on getting the needed paperwork to finish the deal.
However, city officials are still concerned.
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Many said they've seen deals fall apart before and are worried some investors will stick to their hard deadline and pull financing.
"It’s taken too long for this process. We went down this process last year and they have been negotiating with the county for some time and their investors are ready to walk away from this deal if it doesn’t happen today," said Kevin Jenkins, Oakland's interim mayor.
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Alameda County Board of Supervisors President David Haubert said the county remained confident after talking to its attorneys and investors.
"I’ve heard it before that today is the last day, and that never happens. So, we have time. I’m confident, but we do want to move it along," he said.
District 5 Supervisor Nikki Fortunato Bas, who has been heavily involved in the sale, said it's too big of a deal to let a little paperwork destroy everything. It's a $3 billion investment over the next decade that will transform not only the property but Oakland as well, she said.
"There’s just a few outstanding issues, as I understand it from my staff, so I’m looking forward to hearing that update, providing direction and there’s so much opportunity here, and I want us to be able to focus on that opportunity," she said.
County officials and the main investment group expect it to be a minor delay and documents to arrive as early as Friday, with a final vote potentially slated for Tuesday.
