The Athletics affiliate, Coliseum Way Partners (CWP) and the African American Sports and Entertainment Group (AASEG) have jointly announced a tentative agreement under which the CWP will sell its interest in the Coliseum site (US) to the AASEG for $125 million.
‘mlb.com’ stated that in 2019, the CWP acquired an interest in the Alameda County’s half of the Oakland Coliseum site for $85 million and the balance of this purchase was paid in early 2024. The sale of the ‘A’s’ (Major League Baseball team Oakland Athletics) interest in the Coliseum site by the CWP to the AASEG is subject to approval by the Alameda County Board of Supervisors.
Remarked Ray Bobbitt, AASEG Managing Member, “The AASEG is grateful to have reached this historic agreement with the Major League Baseball (MLB) team Oakland Athletics to purchase their interests in the Oakland Coliseum complex. 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 recognize 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 endeavor. We also want to thank the City and the county for their unwavering support.”
The Oakland Athletics (often referred to as the ‘A’s’) are an American professional baseball team based in Oakland, California (US). The Athletics compete in Major League Baseball (MLB) as a member club of the American League West Division.
The 63,000-capacity Oakland-Alameda County Coliseum is a multipurpose stadium in Oakland, California, United States. It is part of the Oakland-Alameda County Coliseum Complex with the adjacent Oakland Arena near Interstate 880. It serves as the home facility of the Oakland Athletics.
The Alameda County Board of Supervisors is the five member non-partisan governing board of Alameda County, California (US). The Members of the Board of Supervisors are elected from districts based on their residence.
‘mlb.com’ quoted Dave Kaval, ‘A’s’ President, as stating, “We are pleased to have reached an agreement with the African American Sports and Entertainment Group regarding our portion of the Coliseum site.
The 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.”
Added Dave Haubert, Alameda County Supervisor, “I appreciate the collaboration between the ‘A’s’ and the AASEG and am excited for the future of the Coliseum site. The Coliseum site is a regional asset for all of Alameda County and the entire East Bay Region. I’m excited for the AASEG to be leading the effort for its revival.”
Noted Nate Miley, President, Alameda County Board of Supervisors, “I am very thankful that the ‘A’s’ have come to agree with the AASEG on the importance of their support for this development that serves all of our interests.”
‘Coliseum Specific Plan’
‘aasegoakland.com’ stated that in 2015, the City of Oakland (California, US) unveiled the ‘Coliseum Specific Plan’. It is a comprehensive plan to transform hundreds of acres of land near the current Oakland Coliseum site.
The plan represents: “The culmination of comprehensive planning and design efforts…of a wide range of community members, the stakeholders, the City staff, the Planning Commission, and the City Council.”
It serves as “The guiding framework for reinventing the City of Oakland’s Coliseum area as a major center for sports, entertainment, residential mixed-use, and economic growth.”
‘aasegoakland.com’ further stated that the aim is to utilize the development model as a catalyst to fully implement the ‘Coliseum Specific Plan’ for the benefit of Oakland’s most underserved communities in East Oakland.
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