The Oakland Athletics have recently announced a significant development regarding their ownership stake in the Oakland Coliseum. They have reached an agreement to sell 50 percent of their ownership to the African American Sports & Entertainment Group (AASEG) for a whopping $125 million.
This private, Black-owned development group, AASEG, had already secured a deal to purchase the other 50 percent of the stadium site from the city of Oakland back in May.
The founder of AASEG, Ray Bobbitt, expressed gratitude and excitement for the opportunity to assume stewardship of the Coliseum site. Being Oakland natives and long-time business owners, this acquisition holds special significance for them.
Before the deal is finalized, approval from the Alameda County Board of Supervisors is still required. However, assuming the approval is granted, AASEG will gain full control over both the Coliseum and the adjacent Oakland Arena, which was the former home of the NBA’s Golden State Warriors.
AASEG, established in 2020 with the goal of promoting economic equity for the Black community, has plans to utilize the site for housing development while ensuring the continued operation of the Oakland Arena.
Meanwhile, the Athletics, who have been based in Oakland since 1968, are set to leave the city after the current season. They plan to temporarily play at a minor-league ballpark in Sacramento, California, until their new facility in Las Vegas is completed.
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