Irving Azoff Oak View Group Co-Founder At Oakland Coliseum Sale Press Conference by Zennie62 News Live Oakland Las Vegas NFL Draft
An important Oakland Sports Moment: IRVING AZOFF TO JOIN CITY COUNCIL LEADERSHIP AND MAYOR AT PRESS CONFERENCE ON OAKLAND COLISEUM SALE, SALE AGREEMENT WOULD YIELD MILLIONS OF DOLLARS AVAILABLE IMMEDIATELY TO OAKLAND PLUS ONGOING 6% OF FUTURE TICKET SALES
If the new Oakland Arena under Oak View Group equals the revenue performance of Climate Pledge Arena of $105.8 million, that six percent tax would yield $6.3 million annually, paying an amount equal to what the Coliseum currently costs the general fund. That's on top of the sales tax revenue generated by each event, which was $30 million.
Oakland – Irving Azoff - co-founder of Oak View Group (OVG) and a
legendary figure in the global music and entertainment industries - will join
Council President Kevin Jenkins, Councilmember Janani Ramachandran and
Mayor Barbara Lee at a press conference this Monday morning, July 13th at
9:30 AM. This will be immediately prior to a Council vote on the City's
agreement to sell the Oakland Coliseum. The vote, which will take place at a
Special City Council meeting starting at 10:30 AM that same morning, would
authorize the sale of Oakland's 50% stake in the complex to the Oakland
Acquisition Company LLC (OAC) - for a lump sum of $110 million plus 6% of all
future annual gross ticket sales from events held at the complex. The City will
also receive an additional $15 million at a later date as OAC obtains building
permits for new construction. View the proposed term sheet and staff
report here.
WHAT: City Council Press Conference - Oakland Coliseum Sale Vote
WHEN: Monday, July 13th at 9:30 AM
WHERE: Oakland City Hall - Hearing Room 4
WHO:
OVG Co-Founder Irving Azoff
Councilmember Janani Ramachandran
Council President Kevin Jenkins
Mayor Barbara Lee
“Oakland is one of America’s great music cities. I spent some very special times
earlier in my career working with Bill Graham on Day on the Green, and I have
many fond memories of those days," said Irving Azoff. "We are honored to have
the opportunity to become stewards of this iconic arena and build upon its
remarkable legacy. I look forward to once again bringing the very best artists
and events to Oakland and ensuring that the venue remains a source of pride for
the community for generations to come.”
"By approving this deal, we will ensure that the Coliseum complex is in the
hands of dedicated professionals who will be committed to transforming this
space into a world-class entertainment destination," said Council President
Jenkins. "This will mean hundreds of new shows and events in Oakland
annually, which will bring significant revenue into the City."
“This deal paves the pathway for a powerful economic revitalization in Oakland,”
said Councilmember Ramachandran. “I am excited for the new terms of the deal
and additional stakeholders involved - including entertainment legend Irving
Azoff. Not only does finalizing this deal save Oakland money and provide a
significant one-time cash infusion, but will also create a sustainable revenue
stream that will help fund City services and uplift our economy.”
“My bottom line is always what’s best for Oaklanders and the City’s ability to
serve them well — and this proposal is a step forward,” said Mayor Lee. “This
deal will pave the way towards creating jobs and economic opportunities,
specifically for east and deep east Oaklanders. Thank you to the city negotiating
team for their hard work to bring this proposal forward.”
This proposed deal includes:
Initial Cash Sale (Arena Parcel): The City will sell the Arena parcel to OAC, receiving $50 million by early 2027.
Subsequent Sale (Stadium Parcel): The Stadium parcel will be sold for $60 million, which includes a credit for the $5 million deposit already held by the City.
Ongoing Revenue Stream: The City will receive 6% of annual gross ticket sales from all events at both the Arena and Stadium, a new ongoing income stream to Oakland's General Purpose Fund.
Financial Terms: Payments will be made to the City on a prescribed schedule without lending any funds to OAC, and the City will be immediately relieved of significant financial liabilities associated with ownership and operations.
Additional information on the proposed agreement between the City of Oakland
and OAC -- including the staff report and the term sheet -- can be found by clicking here.
Overall project timeline and FAQ's are available here:
via YouTube https://www.youtube.com/watch?v=L7QIxEfnw-M
