Oakland Coliseum is sold as developer plans US$5 billion overhaul
The Alameda County Board of Supervisors unanimously approved a US$125 million deal to offload a 50 per cent stake in the property to an affiliate of the African American Sports & Entertainment Group (AASEG) on Tuesday (Jul 22), giving the developer complete control of the Coliseum. The group purchased the other 50 per cent stake earlier this year.
AASEG can now move forward with its proposal to spend US$5 billion transforming the 112-acre (45 hectares) complex. The company has announced plans to develop new sports facilities, entertainment venues, a hotel and affordable housing on the acreage. The business group said it is focused on stimulating the economy of East Oakland, an underserved part of the city.
'This is an important and critical step in a monumental process,' said AASEG founder and managing member Ray Bobbitt.
The Oakland Coliseum was home to Major League Baseball's Athletics from 1968 until 2024, with the team departing this year after owners failed to reach a deal with the city over a new complex. The move prompted fan outcry and a 'reverse boycott' in 2023 to fill the stadium for a home game to show support, even as the team trailed the league in standings and attendance.
The Oakland Raiders played at the Coliseum from 1966 to 1981 and again from 1995 to 2019. The National Football League team has since relocated to Las Vegas, where the A's will also move. Oakland also lost its National Basketball Association franchise, the Golden State Warriors, to neighbouring San Francisco in 2019.
Alameda County in June passed a budget for fiscal year 2025 to 2026 that closed a US$106 million shortfall as rising labour and pension costs drove spending higher. The county still maintains an AAA credit rating. BLOOMBERG
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