Oakland Athletics agree to sell stake in Coliseum complex to private development group
The Oakland Athletics have agreed to sell its stake in the Coliseum complex to private developer African American Sports & Entertainment Group for $125 million, the developer and team announced Monday.
The sale comes a week after the City of Oakland signed a term sheet to sell its own half of the Coliseum complex to AASEG for $105 million. AASEG is planning a $5 billion redevelopment project to include housing, an amphitheater, restaurants, and a new convention center. The term sheet specifies that 25% of the housing built at the Coliseum site must be affordable.
"The AASEG is grateful to have reached this historic agreement with the Oakland Athletics to purchase their interests in the Oakland Coliseum complex," said AASEG Managing Member Ray Bobbitt in a prepared statement. "As Oakland natives who grew up merely blocks away from the Coliseum, and as longtime Oakland business owners, we are filled with gratitude for this opportunity to assume stewardship of the Coliseum site. We recognize that while this is a tremendous opportunity, it is above all a profound responsibility. We graciously accept this responsibility and look forward to working with the community on this generationally transformational endeavor. We also want to thank the city and county for their unwavering support."
"We are pleased to have reached an agreement with the African American Sports and Entertainment Group regarding our portion of the Coliseum site," said A's President Dave Kaval in a statement. "AASEG has a community-oriented vision for the long-term development of the site and will be strong stewards of the property. Their leadership and development provide substantial opportunities and benefits for East Oakland and the broader Oakland community."
The tentative sale of the A's stake in the Coliseum is subject to approval by the Alameda County Board of Supervisors.
Opened in 1966, the Oakland-Alameda County Coliseum Complex includes the stadium where the Athletics currently play and former home of the Las Vegas Raiders, and the adjacent Oakland Arena, the former home of the Golden State Warriors. The Athletics are in the process of relocating to Las Vegas following the 2024 baseball season and plan to play in Sutter Health Park in West Sacramento for three seasons until a ballpark is built in Las Vegas.
The Coliseum has been under 50% ownership by the City of Oakland and 50% by the Athletics who purchased their share from Alameda County in 2018.
"This is another incredibly exciting day. When we agreed on our terms with AASEG for the City's half of the Coliseum site, we knew this was right around the corner," said Oakland Mayor Sheng Thao in a prepared statement Monday. "Having one entity control the entire Coliseum site will fast track much-needed and deeply deserved development in East Oakland ... This is a multi-billion-dollar development that is going to deliver affordable housing, jobs, business opportunities, community benefits and tax revenue for decades to come."
This is a breaking news update. More information to be added as available.
