The Oakland Athletics have agreed to sell their half of the Coliseum to a private Black development group, the African American Sports & Entertainment Group, for $125 million.
This sale allows the development group to build an entertainment and sports complex in a neglected area of Oakland, creating a thriving sports, entertainment, educational and business district.
The big picture: Along with the deal with the Athletics, the African American Sports & Entertainment Group already had a deal in place in May to purchase the other 50 percent ownership stake from the city for $105 million.
- The sale comes after the Major League Baseball team announced its temporary relocation to West Sacramento before moving to Las Vegas permanently, leading to the decision to sell their Coliseum stake.
- The Coliseum and Arena, once home to the Oakland Raiders and Golden State Warriors, have seen recent sports teams relocating, leaving a void in the professional sports landscape of the East Bay.
