Oakland reaches deal to sell share of Coliseum complex

The City of Oakland has reached a deal to sell their share of the Coliseum complex site where the Oakland Athletics currently play.

Sources say a deal between the same group and the A's is close.

In the first line of Mayor Sheng Thao's statement, she addressed police and fire stations staying open saying this is not just a short-term solution. Had this deal not gone through, there was talk about lost public safety jobs.

The Oakland Coliseum site has been sold - well, at least the City of Oakland's half of it, according to Mayor Sheng Thao. She released a pre-produced video clip in reaction to the sale.

"I'm really excited and I just want to thank everybody who worked day and night to ensure that this deal has gone through," said Mayor Thao.

A deal between the City of Oakland and the African American Sports and Entertainment Group (AASEG).

The Oakland Athletics own the other half of the site and there are still questions about when and if that 50% will be sold, too.

I talked to ABC7 sports director Larry Beil.

"This deal has taken forever just to get to this point now we have half of that land sold. The other half, I'm told, should be sold by John Fisher and the A's no later than the end of this week," said Beil.

In a statement, Mayor Thao says, "It's a deal that will lead to a multi-billion-dollar investment in East Oakland, which will bring business opportunities, affordable housing, tax revenue, and community benefits for decades to come."

MORE: Here's how empty the Coliseum is for A's last season in Oakland

"How much of it is going to be devoted to housing and retail and infrastructure and environmental concerns? And how much of it is going to go to try and keep sports alive at 66th Ave in one form or another? That's my biggest question."

That's Andy Dolich who is a former sports executive for the A's who co-authored the book, "Goodbye, Oakland." He believes in Oakland but wants to know how this site will be brought back after what will be, the loss of all three of Oakland's professional teams.

"How are they going to resuscitate what is an incredible level of enthusiasm of 10 world championships, multiple Hall of Famers, incredible diversity that screams in the most positive ways to the country, look at us in Oakland! We're proud! And now you have, 'Look at us in Oakland, maybe there is a large question mark next to it."' said Dolich.

"It's a double-edge sword, and I say that because yes the city absolutely needs the money from this transaction. On the other hand, AASEG putting $100 million in John Fisher's pocket helps his Vegas effort. Helps him get out of town while we're trying to develop something in town," said Beil.

The Chronicle reports that these payments will be made to the city over a period of time, not in one large sum.

Mayor Sheng Thao will have a press conference Tuesday in Oakland at 10 a.m. to discuss this.