The Oakland Athletics have made a significant decision to sell their 50 percent ownership stake in the Oakland Coliseum to the African American Sports & Entertainment Group (AASEG) for $125 million. This move comes after the AASEG previously acquired the other 50 percent of the stadium site from the city of Oakland in May.
The AASEG, a Black-owned development group, expressed their gratitude for the opportunity to take over the stewardship of the Coliseum site. As Oakland natives and longtime business owners, they have a deep connection to the area and plan to make positive changes in the community.
Before the deal is finalized, it still needs approval from the Alameda County Board of Supervisors. Once approved, the AASEG will have complete control over both the Coliseum and the Oakland Arena, which used to be the home of the Golden State Warriors.
Founded in 2020, the AASEG aims to promote economic equity for the Black community. Their future plans for the site include building housing while maintaining operations at the Oakland Arena.
As for the Athletics, they are set to leave Oakland at the end of the 2024 season. In the meantime, they plan to play in Sacramento for multiple seasons until their new ballpark in Las Vegas is ready.
This transition marks a new chapter for the Oakland Coliseum, and the involvement of the AASEG brings hope for positive changes and opportunities for the local community. It will be interesting to see how the development of housing and the continued operation of the Oakland Arena will impact the area. The AASEG’s commitment to economic equity is a promising sign for the future of the site and the surrounding neighborhood.