As the Oakland Athletics prepare for their move to a new stadium on the Las Vegas Strip, the team announced this week that it has reached an agreement to sell its of the Oakland Coliseum to a private Black development group for $125 million.
“We are pleased to have reached an agreement with the African American Sports & Entertainment Group regarding our portion of the Coliseum site,” A’s president Dave Kaval said in a press release. “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 AASEG echoed Kaval sentiments on the deal.
“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. “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.”
In 2019, CWP acquired an interest in Alameda County's half of the Oakland Coliseum site for $85 million, and the balance of this purchase was paid in early 2024. The sale of the A’s interest in the Coliseum site by CWP to AASEG is subject to approval by the Alameda County Board of Supervisors.
