The City of Oakland has officially sold its 50% ownership share of the Coliseum to a local buyer, the African American Sports and Entertainment Group. This comes a few months after announcing the initial agreement.
According to the mayor's office, the $105 million sale will help Oakland cope with its projected $177 million budget deficit and could enable the city to avoid painful cuts to city departments, including police services.
"I am incredibly excited to announce that the City of Oakland and AASEG have signed the purchase and sale agreement (PSA) for our half of the Oakland Coliseum property," said Mayor Sheng Thao in a news release. "This historic deal will lead to a multi-billion dollar investment into East Oakland that will be felt for generations to come. The agreement was completed ahead of our deadline and will have both immediate and longterm financial benefits. With AASEG also completing a deal for the A’s half of the Coliseum, we will finally have one entity in control of the site, which will fast-track much-needed and deeply deserved development.”
The 112-acre stadium property has been part of numerous proposed plans. Oakland had publicly said it hoped to sell the entire site to developers, but ownership of the other half of the Coliseum has been murky.
The A's bought the other 50% from Alameda County for about $85 million in 2019. However, community groups are fighting to invalidate that deal in court. The A's also rejected an offer from AASEG before.
Ray Bobbitt of the AASEG said he was proud of the historic deal and the progress it can bring to the area.
" The Coliseum has served over 15 Million Oakland Raider Fans, over 30 Million Golden State Warriors Fans, over 100 Million Oakland A’s Fans, and over 150 Million Concert and Special Event Fans," he said in a statement. "In 56 years, well over one quarter of a billion people have been entertained at this iconic complex. Making it arguably the most successful entertainment complex the World has ever seen."
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The AASEG said it hopes to use its shares to steward a "once in a generation" opportunity to help revive Oakland.
"As a consortium of natives, residents, and business owners of Oakland, we will be steadfast in our unwavering commitment to make the next 56 years just as successful and transformational as the last 56 years through massive job creation, new housing, and a new chapter of Entertainment and Professional Sports.” Bobbitt said.
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Thao and the AASEG will hold a press conference on Tuesday announcing the signing of the agreement.
