Oakland-Based Development Group Wants To Buy 50% Share Of Coliseum Site From A’s
Feb 13, 2024, 5:49 PM | Updated: Feb 15, 2024, 10:43 am
OAKLAND, Calif. (AP) — The Oakland-based African American Sports & Entertainment Group has reached out to the Athletics and their representation with an offer to acquire what was previously Alameda County’s 50% interest in the site where the Oakland Coliseum sits with the intent to develop.
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“AASEG believes their acquisition of the property would “deliver essential advantages to the East Oakland community and aid in the overall economic recovery of the region” https://t.co/jkp9ViT2sK
— Rebecca Kaplan, Oakland Vice Mayor (@Kaplan4Oakland) January 15, 2024
AASEG Land LLC wrote to A’s owner John Fisher, President Dave Kaval and their Coliseum Way Partners representatives in a letter dated Feb. 8 that was acquired and viewed by The Associated Press. The correspondence states that AASEG initially reached out with a purchasing offer last September and the sides exchanged letters, with the A’s responding they were not interested in relinquishing their share. AASEG said it is trying again given the club’s plan to relocate to Las Vegas.
In 2019, the A’s purchased the county’s 50% share of the Coliseum site for $85 million and the team still is paying that off.
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The development group said it decided to make a follow-up offer now following Major League Baseball’s approval in November of the team’s relocation to Las Vegas.
AASEG wrote it would “expect to discuss equitable buyout conditions” in the coming weeks in order to transfer contractual entitlement. The letter states “there is increasing public demand for prompt redevelopment of the site” and that AASEG has “significant community support.”
The AASEG website says it was founded in 2020 “with the primary purpose of using the vehicle of sports and entertainment to create a path for enhanced economic equity for the Black community.”
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One stated goal is “the formation of the first majority Black owned NFL franchise” in Oakland with the Coliseum site vision as “a thriving sports, entertainment, educational and business district in East Oakland.”
The A’s are in the final year of their lease agreement to play in the Coliseum, and it remains unclear where they will play before a new Las Vegas ballpark opens in 2028 at the earliest. One option could be extending the current lease.
