Mayor of Oakland Sheng Thao has revealed that an amended agreement has been signed with the African American Sports and Entertainment Group (AASEG) that will speed up the process for development work at the Oakland Coliseum.
AASEG is planning on carrying out a major renovation of the Coliseum site, which also includes the Oakland Arena. The group is set to develop thousands of new units of affordable housing and increased outdoor space, while preserving the Oakland Arena.
In May, the City of Oakland reached an agreement to sell its share of the Coliseum complex to AASEG for a minimum of $105m (£80.1m/€95.6m). AASEG has now made a further $10m payment towards the purchase of the site.
The City of Oakland entered into an exclusive negotiating agreement with AASEG for its 50% stake in the complex in February 2023. AASEG’s proposal included bringing a WNBA franchise to Oakland, along with other sports and entertainment projects.
Up until recently, the Coliseum served as the home of Major League Baseball’s Oakland Athletics. Last month, the team bid farewell to the stadium as it prepares to spend three seasons in Sacramento before moving into a new ballpark in Las Vegas.
In August, AASEG agreed a deal to acquire the Athletics’ share of the Coliseum complex, paving the way for future development of the site.
Also in August, USL Championship soccer club Oakland Roots announced plans to spend the 2025 season at the Coliseum. The arrival of the Roots will ensure that the Coliseum does have a regular tenant, albeit not a major-league one.
Speaking following the signing of a revised deal between the City of Oakland and AASEG, Mayor Thao said: “This amended agreement with AASEG is a win-win. The City secured a higher purchase price with faster payments. This structure also allows AASEG to kickstart their historic investment in East Oakland and create jobs and economic opportunity sooner than under the original agreement. Our partnership with AASEG will continue to pay dividends for generations to come. I am immensely proud of this historic achievement.”
AASEG managing member Ray Bobbitt added: “We are very grateful for the hard work of the City team in helping reach our amended agreement. The creation of jobs, housing, art, clean green space and a new generation of sports and entertainment at the Coliseum site cannot wait; and will provide a certain pathway to the revitalisation of East Oakland through massive investment.
“The Coliseum is a treasure to all of Oakland and to the entire East Bay Region. We look forward to driving this historic opportunity and to embracing this profound responsibility that the community has entrusted us with.”
The Coliseum also served as the home of the NFL’s Oakland Raiders until 2019, when the team moved to Las Vegas.
