OAKLAND — The A’s have agreed to sell their portion of the Coliseum to a black-led development group that has long promised to transform the massive concrete property into a thriving new nightlife hub.
The $125 million deal will make a profit for the A’s on their way out the door in West Sacramento — with long-term plans to move to Las Vegas — but opens the door to new opportunities at the 155-acre complex.
It paves the way for the African American Sports and Entertainment Group to have full ownership of a key piece of East Bay real estate, including the baseball stadium, arena and vast spaces in between.
And it comes less than a week after the group completed plans to acquire the other 50% share of the site — owned by the city of Oakland — for $105 million, ending a long-standing co-ownership structure for the property.
The exact terms of the deal were not immediately clear. Dave Kaval, A’s president, said in a news release that the sale of the Coliseum would “provide significant opportunities and benefits for East Oakland and the broader community.”
The development group, founded by a group of Oakland residents and financially backed by Chicago-based investment fund Loop Capital, intends to revitalize the property with live sports, bars, restaurants, hotels and some housing.
Led by Oakland native Ray Bobbitt, the group has so far balked at landing a WNBA or major women’s soccer team, but two smaller soccer franchises, the Roots and Soul, are expected to begin playing at the Coliseum next year.
This story will be updated.
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