Oakland Coliseum site deal agreed for $125m

The Oakland Athletics’ share of the Coliseum complex is to be sold for $125m under a deal that signifies the team’s departure from the California city.

A tentative agreement has been announced by the Major League Baseball (MLB) team’s affiliate, Coliseum Way Partners (CWP), and the African American Sports and Entertainment Group (AASEG). While a deal with the local authority was reached in May, an agreement over the team’s 50% share was announced by the parties on Monday (Aug 5).

The agreement paves the way for future development of thousands of new units of affordable housing, increased outdoor space, and the preservation of the Oakland Arena on the site. The A’s will depart the stadium at the end of the season and will spend two years in Sacramento before moving into a new 33,000-seat ballpark in Las Vegas.

“The AASEG is grateful to have reached this historic agreement with the Oakland Athletics to purchase their interests in the Oakland Coliseum complex,” said AASEG managing member Ray Bobbitt.

“As Oakland natives who grew up merely blocks away from the Coliseum, and as longtime Oakland business owners, we are filled with gratitude for this opportunity to assume stewardship of the Coliseum site.

“We recognise that while this is a tremendous opportunity, it is above all a profound responsibility. We graciously accept this responsibility and look forward to working with the community on this generationally transformational endeavour. We also want to thank the city and county for their unwavering support.”

Oakland site pursues WNBA team

In 2019, CWP acquired an interest in Alameda County’s half of the Oakland Coliseum site for $85m, and the balance of this purchase was paid in early 2024. The sale of the A’s interest in the Coliseum site by CWP to AASEG is subject to approval by the Alameda County Board of Supervisors. However, the agreement has been publicly welcomed by the Board of Supervisors.

The City of Oakland entered into an exclusive negotiating agreement with AASEG for its 50% stake in the complex in February 2023. AASEG is an African American-founded, Oakland-based group focused on creating economic opportunity for East Oakland.

AASEG’s proposal included bringing a WNBA women’s basketball franchise to Oakland, along with other sports and entertainment projects. The complex sits on a 200-acre site, making the deal the largest transfer of public land to African Americans in Oakland’s 172-year history.