Breaking: Oakland A’s On The Verge Of Massive Deal “Worth Million” With Local Development Group

Oakland A’s to sell stake in Coliseum to local Black development group

SAN FRANCISCO — The Oakland Athletics have tentatively agreed to sell their half of the Coliseum to a private development group for $ 125 million, allowing plans for a major entertainment and sports complex in a previously neglected area of San Francisco Bay.

The African American Sports & Entertainment Group and the A’s affiliate, Coliseum Way Partners, announced the agreement in a recent joint statement. In May, the development group had secured the other 50% ownership from the city of Oakland for $ 105 million.

According to their website, the group aims to create a “vibrant sports, entertainment, educational, and business district” on the site, which includes the Oakland-Alameda County Coliseum and Oakland Arena. Founded in 2020, the group focuses on using sports and entertainment to foster economic equity for Black residents.

Ray Bobbitt, the group’s managing member, stated they are still in the planning phase, but the Oakland Arena will remain operational, hosting lucrative events like shows from Disney and performances by artists such as Céline Dion.

Plans also include hotels, a restaurant area, open park spaces, and a mix of affordable and market-rate housing near Interstate 880, with any development requiring at least 25% of housing to be affordable, Bobbitt noted.

“This is an opportunity for Oakland to invest in East Oakland and revitalize the entire area,” he said.

This year, the A’s announced they will temporarily relocate to West Sacramento until a new ballpark in Las Vegas is completed. Their affiliate acquired their stake in the property for $ 85 million in 2019.

Once home to the Oakland Raiders and Golden State Warriors, the Coliseum and Arena have seen major shifts, with the Raiders moving to Las Vegas and the Warriors relocating to San Francisco, leaving East Bay sports fans feeling abandoned.