The city of Oakland has reached an agreement to sell its 50 percent ownership share of the Coliseum to a local buyer, the African American Sports and Entertainment Group. 

Mayor Sheng Thao’s office said she would be holding a news conference Wednesday afternoon to announce details of the deal, which is for a minimum purchase price of $105 million over two years. 

Funds from the sale will help Oakland cope with its projected $177 million budget deficit, according to the mayor’s office, and could enable the city to avoid painful cuts to city departments, including police services.

After acquiring the city’s half of the massive East Oakland property, AASEG is expected to continue making progress on the purchase of the other half from the Oakland A’s, which bought its share from Alameda County for $85 million.

In the past, AASEG has said it was considering bringing a Women’s National Basketball Association team and a Black-led NFL team to the site, as well as affordable housing, retail spaces and parks. 

Thao will disclose additional details of the sale at 3 p.m. Wednesday at Castlemont High School. 

She will be joined by AASEG’s Ray Bobbit and Carolyn “CJ” Johnson of the Black Cultural Zone. 

An A’s spokesperson confirmed to CBS News Bay Area the details of the sale of Oakland’s portion of the site to the African American Sports and Entertainment Group for a minimum price of $105 million were accurate