Oakland lends its Coliseum buyer half the price — and the buyer plans to immediately flip the Arena for cash. We map the deal to the city's own documents.
When a government has an asset of value to be disposed of, but the exact amount of the value is in question, normal practice is to put the deal out to bid. Why did the City not go through a bid or proposal process?
Thanks Alex and Oakland Report. To be blunt this deal is insane and irresponsible. Oakland city council and Mayor Barbara Lee are destroying Oakland. We need to generate real revenue through our businesses and manufacturing. This deal needs to be stopped now. Mindy Pechenuk, for Oakland Mayor 2026
Pop Quiz: Q: What did Trump's Iran ceasefire agreement (aka a memo of understanding) have in common with Oakland's term sheet with Bobbitt’s company, Oakland Acquisition Company (OAC) for the Coliseum purchase?
A: They both relied on the loosey-goosey term "best efforts" to describe the responsibility of the other party.
"Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa."
Len -- Thank you for your comment. We would like to publish your comment in our next Letters to the Editor column. Thank you again; the discussion is appreciated.
When a government has an asset of value to be disposed of, but the exact amount of the value is in question, normal practice is to put the deal out to bid. Why did the City not go through a bid or proposal process?
Here we go again.
Thanks Alex and Oakland Report. To be blunt this deal is insane and irresponsible. Oakland city council and Mayor Barbara Lee are destroying Oakland. We need to generate real revenue through our businesses and manufacturing. This deal needs to be stopped now. Mindy Pechenuk, for Oakland Mayor 2026
Pop Quiz: Q: What did Trump's Iran ceasefire agreement (aka a memo of understanding) have in common with Oakland's term sheet with Bobbitt’s company, Oakland Acquisition Company (OAC) for the Coliseum purchase?
A: They both relied on the loosey-goosey term "best efforts" to describe the responsibility of the other party.
"Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa."
Len -- Thank you for your comment. We would like to publish your comment in our next Letters to the Editor column. Thank you again; the discussion is appreciated.
This deal stinks. And why should we believe that someone who didn’t pay the first time is going to pay the second?
Deep dive into the Coli deal from yours truly with the Eastbay Insiders
https://substack.com/@eastbayinsiders/note/c-298645761?r=mwuq&utm_medium=ios&utm_source=notes-share-action