The Oakland Coliseum, a historic sports venue that has hosted the Raiders, Warriors, and A’s for decades, is set to undergo major changes following the departure of its tenants. The city of Oakland is preparing to sell its half share of the site to the African American Sports & Entertainment Group (AASEG) – a local group of investors with ties to professional sports.
The sale price is expected to be at least $105 million and will help address the city’s budget concerns. With the departure of the Raiders, Warriors, and A’s, Oakland has been left with an empty stadium that has become a financial burden on the city. By selling its half share of the site to AASEG, Oakland hopes to free up funds that can be used for other priorities.
AASEG plans to re-develop the site and potentially include a convention center as part of their mixed-use project. This could attract new professional sports teams and bring economic growth to the area. However, there are still some hurdles that need to be overcome before this vision becomes a reality.
The A’s are still in the process of acquiring the other half of the site from Alameda County. There is also a court case scheduled for later this year that may impact this purchase. Oakland had agreed to purchase Alameda County’s half in 2019 but now plans to pay off their remaining debt instead. The AASEG is reportedly in negotiations with the A’s for the other 50 percent of the site.
Despite these challenges, there is hope for a new era at Oakland Coliseum Stadium. With AASEG leading development efforts and potential new sports teams coming on board, this iconic venue could see renewed energy and vitality in years to come.
