Athletic Team to Divest Ownership Stake in Oakland Coliseum

The Oakland Athletics have agreed to sell their 50 percent stake in the Oakland Coliseum to the African American Sports & Entertainment Group for $125 million on Monday.

The AASEG, a privately owned development group led by Black individuals, had previously secured a deal to purchase the other 50 percent of the stadium from the city of Oakland in May.

Ray Bobbitt, founder of AASEG, expressed gratitude for the opportunity to take over stewardship of the Coliseum site, as he and his team are Oakland natives and longtime business owners in the area.

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The A's deal is still pending approval from the Alameda County Board of Supervisors. If approved, the AASEG will have full control over both the Coliseum and Oakland Arena, the former home of the Golden State Warriors.

Founded in 2020, the AASEG's mission is to promote economic equity for the Black community. They plan to develop housing on the site while maintaining operations at the Oakland Arena.

The Athletics are set to leave Oakland after the 2024 season and will temporarily play in Sacramento before moving to their new home in Las Vegas.