Reported 3 months ago
Oakland, California, faces a $117 million budget gap this fiscal year and a $175 million shortfall for the next year, and is banking on the sale of the Oakland-Alameda County Coliseum to cover the deficit. The city needs the cash from the sale by September 1 to avoid cuts to essential services, but the deal with the African American Sports and Entertainment Group, which plans to purchase the facility, is still in progress. Selling off assets is seen as a short-term revenue solution but may pose risks for investors in the long run.
Source: YAHOO