Legends Global, the operator of the Oakland Coliseum and Oakland Arena, is implementing mass layoffs, cutting its entire workforce of 1,600 employees. This action comes as Oakland officials finalize the sale of both venues.
The Oakland Acquisition Company is set to purchase both the Coliseum and the Arena. Subsequently, the Arena will be sold to the Oak View Group. The city of Oakland and Alameda County currently jointly own these facilities, and employees will continue working through at least the end of the year, as Legends Global's contract expires on December 31.
The Oakland Arena is considered the more financially successful of the two venues, with multiple concerts already scheduled for 2027. In contrast, the Oakland Coliseum, formerly home to the Oakland Raiders and the Oakland Athletics, has no events booked for 2027. The Oakland Roots professional soccer team concluded their tenure at the stadium due to low attendance, and Major League Baseball's Athletics departed after the 2024 season.
Ray Bobbitt, a spokesperson for the Oakland Acquisition Company, stated that the company plans to rehire all unionized employees who are being laid off. However, investor Susan Cronin indicated that laid-off workers will need to reapply for their positions, though the intention is to rehire them.
The Oakland Acquisition Company is composed of Susan Cronin, Ray Bobbitt, Jim Reynolds of Loop Capital, and basketball agent Bill Duffy. The Oak View Group was founded by Irving Azoff.
Both Oakland and Alameda County stand to gain financially from the sale, with Oakland set to receive $125 million and Alameda County $115 million. Legends Global, which previously submitted a rival bid for the venues, benefits from managing the properties and received a management fee of $2.22 million in the 2024 fiscal year.
The county also needs to withdraw from a 2019 sale agreement for the Coliseum to the Athletics, which is currently stalled by a lawsuit. The Oak View Group has committed to paying at least $100 million for the arena. Plans are in place to eventually demolish the Oakland Coliseum to make way for a mixed-use redevelopment project.