A Black-owned development group has acquired the Oakland Coliseum in Oakland, CA.
According to a report by SFist, the African American Sports & Entertainment Group (AASEG) has acquired full ownership of the property after a purchase was finalized with its previous owners.
Half of the Oakland Coliseum had been previously owned by Alameda County while the City of Oakland maintained the other half. The A’s, an Oakland MLB team purchased Alameda County’s stake in 2019 with the intention of trying to stay in the city. However, the franchise is planning to transition to Las Vegas, NV, and was looking to sell.
Already, the City of Oakland sold its shares to the AASEG earlier in 2024. Now, the A’s organization has also agreed to sell its half to the group for a reported $125 million, SFist reports. The deal will additionally include the Oakland Arena and the land that exists between the two entities.
“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.”
Oakland Mayor Sheng Thao commented:
“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. Having one entity control the entire Coliseum site will fast track much-needed and deeply deserved development in East Oakland.”
Looking ahead, AASEG’s goal is to establish “a thriving sports, entertainment, educational and business district in East Oakland at the Coliseum Site,” per its website. The group hopes this will manifest into becoming a home for an WNBA team and the founding of the “first majority Black owned NFL franchise here in Oakland.”
