SAN FRANCISCO — The outgoing Oakland Athletics have reached a tentative agreement to sell its share of the Coliseum to a private black development group for $125 million, clearing the way for the group to build a massive entertainment and sports complex in a long-neglected part of the San Francisco Bay Area.
The African American sport & Entertainment Group and the A’s subsidiary, Coliseum Way Partners, announced the deal Monday in a joint statement. The development group closed a deal in May to purchase the remaining 50% of the ownership interest from the city of Oakland for $105 million.
The sports and entertainment group reports on its website that the plant for a “thriving sports, entertainment, education and business district” on the site, which is home to the Oakland-Alameda County Coliseum and Oakland Arena. The group was founded in 2020 with the primary goal of using sports and entertainment “to create a path toward greater economic equality” for Black residents.
Ray Bobbitt, the group’s executive director, said they are still in the general planning and ideation phase, but that under all scenarios, the Oakland Arena would remain open and continue to host profitable projects like Disney shows and performances by singers like Céline Dion.
Developers have also discussed hotels, a restaurant row, open park space and affordable and market-rate housing on the site near Interstate 880, he said by phone. The group’s deal with Oakland requires that all housing built be at least 25 percent affordable.
“This is really an opportunity for Oakland to invest in East Oakland and revitalize the entire area,” he said.
The A’s announced this year that the Major League Baseball team temporarily moving to West Sacramento until the stadium has been built in its new home of Las Vegas. The team’s partner bought his stake in the property for $85 million in 2019.
The Coliseum and Arena were once home to the Oakland Raiders and Golden State Warriors. NFL Raiders moved to Las Vegas and the NBA Warriors moved to San Francisco in recent years, leaving professional sports fans in the East Bay Area in a desolate environment.