The company that runs the Oakland Arena and Coliseum has submitted an offer to purchase the arena — as part of the larger sale of the complex, following news that a group owned by a music executive had also placed a bid last month.

Legends Global submitted an offer Tuesday to purchase the arena as part of the broader 112-acre sale of the East Oakland complex, adding a new layer to an already complex redevelopment process involving multiple competing interests and overlapping deals, as the Chronicle reports.

The proposal comes as Alameda County and the city of Oakland move forward on a larger plan to sell the Coliseum property to the African American Sports and Entertainment Group, which also goes by the name Oakland Acquisition Co, while carving out the arena for a separate future buyer, as SFist reported last month. The spinoff sale of the arena is part of the financing plan for Oakland Acquisition Co's purchase of the larger property.

Legends Global, which has been operating the Oakland Arena and Coliseum for 12 years, reportedly wrote in a letter to officials that it would invest $102 million to acquire the arena, covering both the purchase price and necessary repairs, and proposed sharing billboard advertising revenue with the city and county.

According to Oaklandside, President Josh Kritzler wrote that the company is best positioned to operate and steward the venue, pointing to its financial performance since taking over management, including 2.44 million attendees since 2019 and a 97% reduction in the operating deficit between 2019 and 2023.

The bid reportedly follows an offer of at least $100 million from Oak View Group, founded by Irving Azoff, which has recently been speaking with Oakland officials and community members. Both firms have deep venue portfolios. Legends is backed by Sixth Street Partners along with affiliates of the Dallas Cowboys and New York Yankees, while Oak View operates major arenas including Co-op Live in Manchester and Acrisure Arena in California.

Under the current term sheet advanced by Alameda County, the African American Sports and Entertainment Group would acquire the Coliseum site for $115 million after the county first buys back its share from the A’s, as previously reported. That structure would allow AASEG to later sell the arena to a third party and repay the county in installments with interest.

The Chronicle notes that it remains unclear whether Legends’ bid is a serious acquisition attempt or a strategic move to secure its long-term role as operator of the venue. The company also said it would remain in place as manager if a sale is not timed appropriately.

Previously: Oakland Arena May Be Bought By Group Run By Music Exec As Part of Larger Sale

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