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The departing Oakland Athletics has reached a tentative agreement to sell its half of the Coliseum to a private Black development group for $125 million, paving the way for the group to build a giant entertainment and sports complex in a long-neglected part of the San Francisco Bay Area city.<\/p>\n
The African American Sports & Entertainment Group and the A\u2019s affiliate, Coliseum Way Partners, announced the deal in a joint statement Monday. The development group struck a deal in May\u00a0to purchase the other 50% ownership interest<\/a>\u00a0from the city of Oakland for $105 million.<\/p>\n The sports and entertainment group states on its website that\u00a0it plans<\/a>\u00a0for a \u201cthriving sports, entertainment, educational and business district\u201d on the property, which houses the Oakland-Alameda County Coliseum and Oakland Arena. The group was founded in 2020 with the primary purpose of using sports and entertainment \u201cto create a path for enhanced economic equity\u201d for Black residents.<\/p>\n The group\u2019s managing member Ray Bobbitt said they are still in the general plans and ideas stage, but in all scenarios, the Oakland Arena would stay and continue hosting profitable ventures such as Disney<\/a> shows and singers, such as C\u00e9line Dion.<\/p>\n Developers have also discussed hotels, a restaurant row, open parks space and housing that is both affordable and market rate on the property by Interstate 880, he said by phone. The group\u2019s deal with Oakland calls for any housing built to be at least 25% affordable.<\/p>\n \u201cIt\u2019s really Oakland\u2019s opportunity to invest in East Oakland and to create a revitalization of the entire area,\u201d he said.<\/p>\n The A\u2019s announced this year that the Major League Baseball team will\u00a0temporarily relocate to West Sacramento<\/a>\u00a0until\u00a0its ballpark is built<\/a>\u00a0in its new home of Las Vegas. The team\u2019s affiliate purchased its stake in the property for $85 million in 2019.<\/p>\n The Coliseum and Arena were once home to the Oakland Raiders and Golden State Warriors. The\u00a0NFL\u2019s Raiders<\/a>\u00a0moved to Las Vegas and the\u00a0NBA\u2019s Warriors<\/a>\u00a0left for San Francisco in recent years, leaving professional sports fans in the East Bay Area desolate.<\/p>\n<\/div>\nRecommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n