Current:Home > StocksOakland A’s to sell stake in Coliseum to local Black development group -ClearPath Finance
Oakland A’s to sell stake in Coliseum to local Black development group
View
Date:2025-04-13 18:20:20
SAN FRANCISCO (AP) — 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.
The African American Sports & Entertainment Group and the A’s affiliate, Coliseum Way Partners, announced the deal in a joint statement Monday. The development group struck a deal in May to purchase the other 50% ownership interest from the city of Oakland for $105 million.
The sports and entertainment group states on its website that it plans for a “thriving sports, entertainment, educational and business district” 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 “to create a path for enhanced economic equity” for Black residents.
The group’s 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 shows and singers, such as Céline Dion.
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’s deal with Oakland calls for any housing built to be at least 25% affordable.
“It’s really Oakland’s opportunity to invest in East Oakland and to create a revitalization of the entire area,” he said.
The A’s announced this year that the Major League Baseball team will temporarily relocate to West Sacramento until its ballpark is built in its new home of Las Vegas. The team’s affiliate purchased its stake in the property for $85 million in 2019.
The Coliseum and Arena were once home to the Oakland Raiders and Golden State Warriors. The NFL’s Raiders moved to Las Vegas and the NBA’s Warriors left for San Francisco in recent years, leaving professional sports fans in the East Bay Area desolate.
veryGood! (2)
Related
- The seven biggest college football quarterback competitions include Michigan, Ohio State
- Photos capture Milton's damage to Tropicana Field, home of Tampa Bay Rays: See the aftermath
- Opinion: As legendary career winds down, Rafael Nadal no longer has to suffer for tennis
- JPMorgan net income falls as bank sets aside more money to cover potential bad loans
- Sarah J. Maas books explained: How to read 'ACOTAR,' 'Throne of Glass' in order.
- Bestselling author Brendan DuBois indicted for possession of child sexual abuse materials
- Disney World and other Orlando parks to reopen Friday after Hurricane Milton shutdown
- Go to McDonald's and you can get a free Krispy Kreme doughnut. Here's how.
- Jamaica's Kishane Thompson more motivated after thrilling 100m finish against Noah Lyles
- NHL tracker: Hurricanes-Lightning game in Tampa postponed due to Hurricane Milton
Ranking
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- Ye sued by former employee who was asked to investigate Kim Kardashian, 'tail' Bianca Censori
- Go to McDonald's and you can get a free Krispy Kreme doughnut. Here's how.
- Relatives of passengers who died in Boeing Max crashes will face off in court with the company
- 'Kraven the Hunter' spoilers! Let's dig into that twisty ending, supervillain reveal
- EPA Settles Some Alabama Coal Ash Violations, but Larger Questions Linger
- Reese Witherspoon Reacts to Daughter Ava Phillippe's Message on Her Mental Health Journey
- Third-party candidate Cornel West loses bid to get on Pennsylvania’s presidential ballot
Recommendation
Jury selection set for Monday for ex-politician accused of killing Las Vegas investigative reporter
Mike Tyson names his price after Jake Paul's $5 million incentive offer
WNBA Finals Game 1: Lynx pull off 18-point comeback, down Liberty in OT
Harris viewed more positively by Hispanic women than by Hispanic men: AP-NORC poll
'Meet me at the gate': Watch as widow scatters husband's ashes, BASE jumps into canyon
AP Week in Pictures: Global
Mauricio Umansky Files for Conservatorship Over Father Amid Girlfriend's Alleged Abuse
'Need a ride?' After Hurricanes Helene and Milton hit this island, he came to help.