The Oakland Athletics have made a significant move in selling their ownership stake in the Oakland Coliseum to the African American Sports & Entertainment Group (AASEG) for $125 million. The AASEG, a Black-owned development group, had previously acquired the other 50 percent of the stadium site from the city of Oakland.
The sale of the Coliseum represents a shift in ownership and control of the historic sports venue. AASEG founder Ray Bobbitt, a native of Oakland, expressed gratitude for the opportunity to take stewardship of the Coliseum site. The AASEG has plans to develop the site, including building housing and maintaining the Oakland Arena, which was the former home of the Golden State Warriors.
The deal is pending approval from the Alameda County Board of Supervisors, but once finalized, the AASEG will have full control over both the Coliseum and the Oakland Arena. This acquisition aligns with the AASEG’s mission to promote economic equity for the Black community.
The Oakland Athletics are set to leave Oakland at the end of the 2024 season, with plans to temporarily play in Sacramento before moving to their new ballpark in Las Vegas. This transition marks the end of an era for the Athletics in Oakland, but opens up new opportunities for growth and development in the city.
Overall, the sale of the Oakland Coliseum to the AASEG represents a positive step towards revitalizing the site and creating opportunities for economic empowerment in the community. It will be interesting to see how the AASEG’s plans for development unfold in the coming years, and how the Oakland Athletics’ move to Las Vegas will impact the local sports landscape.
