Oakland has a tentative deal to sell its share of the Coliseum site to a private developer that aims to create economic equity for the Black community.
The African American Sports & Entertainment Group will tentatively purchase Oakland’s 50% ownership share of the Coliseum for $105 million, Mayor Sheng Thao’s office announced Wednesday.
“This agreement puts us on a path towards a more equitable and resilient Oakland,” Thao said, in a statement. “We are determined to ensure that this project serves as a catalyst for positive change in historically underinvested areas.”
The Oakland City Council still needs to grant approval for the City Administrator to sign a purchase and sale agreement with the entertainment group.
The group’s plans include the development of thousands of units of affordable housing and the preservation of Oakland Arena as an entertainment venue, according to the mayor’s office.
“This project is not just about building structures; it’s about building communities and opportunities for future generations,” said Ray Bobbitt, founder and managing member of the entertainment group, in a statement.
It’s a time of transition for Oakland and the beloved Coliseum, with the Athletics’ impending departure to Sacramento for the next three baseball seasons ahead of a planned move to Las Vegas and the loss of the Oakland Raiders and Warriors. The deal for the site, which includes the Oakland Arena, also comes as Oakland faces a roughly $177 million budget shortfall.