Oakland's sale of Coliseum share could bring in $100M
OAKLAND, Calif. - The future of the Oakland Coliseum site has been uncertain for years, caught between the A’s, the city, and county leaders. The news of the team’s departure from Oakland has reignited concerns about the A’s pending ownership.
The City of Oakland announced Wednesday that it is selling its share of the Coliseum in hopes of revitalizing the city. Mayor Sheng Thao shared the news at a press conference at Castlemont High School.
Negotiations with the African American Sports and Entertainment Group (AASEG) started in January 2023 to redevelop the property to include affordable housing, an entertainment and sports complex, and more jobs.
AASEG agreed to purchase the property for a minimum of $105 million.
Oakland A's departure raises questions about Coliseum's future
As the Oakland A's prepare to leave the Oakland Coliseum and relocate to Sacramento, developers and the Oakland Roots soccer team continued discussions about the impact of the early departure, and future access to the 120-acre complex.
In a community-led agreement supported by multiple cultural groups, including Black Cultural Zone and RISE, the sale of the Coliseum could bring the city over $100 million, more jobs, and more affordable housing.
"This is a moment where East Oakland is going to change," said Roy Bobbitt, the founder and managing member of AASEG.
Bobbitt, an alum of Castlemont High School, said he has worked with the students over the past three years to develop plans for the site.
Students proposed ways to use the property and presented them to stakeholders.
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"They represented the dreams our young people have for our community," Mayor Thao said proudly.
This comes after reports of the city’s budget deficit and the debt's impending threat to public safety.
Thao said this agreement would be a positive change for Oakland, making a dig at the A’s for their departure.
"It takes a partner that understands there is a return on investment that doesn’t necessarily show up on that balance sheet. that is not all about the money but is about the community, and making sure that they’re thriving," she said. "We believe the African American Sports and Entertainment Group is that partner."
Before any plans come to life, AASEG is negotiating with the A’s, who are currently making payments to buy Alameda County’s portion of the property.
"We are in healthy negotiations, and they have continued, and they are moving in a positive direction, and our objective clearly is to be able to acquire that side as well," Bobbitt said.
The deal will have to be approved by the city council. An introductory council meeting is set to take place as early as next week.
If approved, developers hope to break ground within two to three years.
Thao said she plans to announce more about the city’s budget and what she’ll do with the funds from the sale at a press conference on Thursday.