Black-Owned Group Buys Oakland Athletics Coliseum Stake For $125M

1 month ago 79

Oakland Coliseum, Oakland athletics, African American Sports and Entertainment Group

African American Sports And Entertainment Group now owns the Oakland Coliseum.

On their way out of Oakland, the soon-to-be former Oakland Athletics agreed to sell their stake in the Oakland Coliseum to a Black-owned development group for $125 million.

According to the Los Angeles Times, the group, the African American Sports and Entertainment Group, already owned the other half of the arena due to a deal they made in May with the City of Oakland to purchase their controlling interest in the Oakland Coliseum for $105 million.

According to the group’s managing member, Ray Bobbitt, the group is still in the general planning stage, but plans for the arena to remain at its present location and continue to host profitable events at the Oakland Alameda County Coliseum and Oakland Arena. The group was founded in 2020, established to “create a path for enhanced economic equity” for Oakland’s Black residents and its website promises to create a “thriving sports, entertainment, educational and business district” on the property.

According to SFist, Oakland Athletics President Dave Kaval said in a press release that he was pleased that the AASE bought the property, and believes it will be beneficial for the people of Oakland.

“We are pleased to have reached an agreement with the African American Sports & Entertainment Group regarding our portion of the Coliseum site,” Kaval said. “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.”

Oakland’s Mayor Sheng Thao also released a statement indicating her belief that the group’s ownership of the site is a positive development.

“This is another incredibly exciting day,” Mayor Thao said. “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. Having one entity control the entire Coliseum site will fast track much-needed and deeply deserved development in East Oakland.”