Black-owned group acquires $125M stake in Oakland Athletics' Coliseum.

As the Oakland Athletics prepare to move out of the city, they have made a monumental decision to sell their stake in the Oakland Coliseum to a Black-owned development group for a staggering $125 million. This group, known as the African American Sports and Entertainment Group, had previously acquired the other half of the arena in May through a deal with the City of Oakland, for a sum of $105 million.

Ray Bobbitt, the managing member of the group, revealed that they are still in the initial planning phase, but have a clear vision for the future of the arena. Their plan is to keep the Coliseum in its current location and continue to host successful events at the Oakland Alameda County Coliseum and Oakland Arena. The group, established in 2020, has a mission to promote economic equity for the Black community in Oakland. Their website promises to transform the property into a thriving hub for sports, entertainment, education, and business, benefitting the city's Black residents.

In a press release, Oakland Athletics President Dave Kaval expressed his satisfaction with the sale of the property to AASEG, believing it will have a positive impact on the people of Oakland. He stated, "We are pleased to have reached an agreement with the African American Sports & Entertainment Group regarding our portion of the Coliseum site. AASEG has a community-oriented vision for the long-term development of the site and will be strong stewards of the property. Their leadership and development provide substantial opportunities and benefits for East Oakland and the broader Oakland community."

The Mayor of Oakland, Sheng Thao, also shared her excitement about the Black-owned group taking ownership of the site. She stated, "This is another incredibly exciting day. When we agreed on our terms with AASEG for the City's half of the Coliseum site, we knew this was right around the corner. Having one entity control the entire Coliseum site will fast track much-needed and deeply deserved development in East Oakland."

In related news, Jaylen Brown and Jason Kidd recently announced a program in Oakland aimed at bridging the racial wealth gap, further highlighting the importance of initiatives like AASEG's in promoting economic equity for the Black community. With this new ownership of the Oakland Coliseum, the future looks bright for the city and its residents.

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