The Oakland Athletics on Monday reached an settlement to promote their 50 % possession stake within the Oakland Coliseum to the African American Sports activities & Leisure Group for $125 million.
The AASEG, a non-public, Black-owned growth group, beforehand landed a deal to purchase the opposite 50 % of the stadium web site from the town of Oakland in Might.
“As Oakland natives who grew up merely blocks away from the Coliseum, and as longtime Oakland enterprise house owners, we’re full of gratitude for this chance to imagine stewardship of the Coliseum web site,” AASEG founder Ray Bobbitt stated in a press release.
The A’s deal nonetheless wants approval from the Alameda County Board of Supervisors. When that comes, the AASEG could have full management over the location of each the Coliseum and Oakland Area, the previous residence of the Golden State Warriors.
The AASEG — based in 2020 with a acknowledged objective to “create a path for enhanced financial fairness for the Black neighborhood” — plans to construct housing on the location whereas conserving the Oakland Area working.
The Athletics are as a result of transfer out of Oakland on the finish of the 2024 season. Their plan is to play a number of seasons in Sacramento earlier than their new ballpark of their ultimate vacation spot, Las Vegas, is prepared for them.
–Area Degree Media
