Latest news with #AASEG
Business Times
23-07-2025
- Business
- Business Times
Oakland Coliseum is sold as developer plans US$5 billion overhaul
[NEW YORK] An Oakland-based developer has assumed full ownership of the Oakland-Alameda County Coliseum, paving the way for the revitalisation of the deteriorating California complex. 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
CBS News
23-07-2025
- Business
- CBS News
Alameda County supervisors approve selling its share of Oakland Coliseum
Late Tuesday afternoon, the final roadblock to the sale of the Oakland Coliseum was cleared. The Alameda County Board of Supervisors voted to sell its share of the property to AASEG (African American Sports and Entertainment Group). The city of Oakland approved the sale of its share of the property almost a year ago, but Alameda County needed additional time. Once the sale closes, AASEG will pay $125 million to the city of Oakland and the same to Alameda County for their respective interest in the property in exchange for the entire site. AASEG eventually wants to invest more than $5 billion into the redevelopment of the entire Coliseum site with entertainment, retail, restaurants, and housing. During the discussion ahead of the Board of Supervisors' vote, they noted they were excited to see the investment in the area. A cheer erupted from the packed house at the Board of Supervisors meeting as the four supervisors in attendance voted unanimously to approve the sale. The meeting was standing room only, with two overflow rooms set up at the law library across the street. AASEG founder, Ray Bobbitt, was met with hugs, handshakes and high-fives immediately after the vote. "We have a lot of work to do and a lot of steps to take, but the most important thing for today, we're just excited this new step is here," said Bobbitt. The discussions about what to do with the Coliseum have been going on since 2015, when the city of Oakland created the Coliseum Specific Area Plan, a blueprint for what the city and community groups want to see for the site. "Our whole concept and approach has been really community-based, which I think is one of the reasons why people have been so supportive," says Bobbitt. The plan includes 4,000 units of high-density housing, with a quarter of those slated for low-income residents. "This is the biggest day of District 6 and District 7 and Oakland as a whole," exclaimed Oakland City Council member Ken Houston. He represents the area around the Coliseum site and says that with all the professional sports teams leaving, the Hegenberger corridor has really suffered. He noted the number of hotels, restaurants and other businesses that have closed recently. "We want to do like an LA Live area. We want to embrace that whole area, bring in jobs and make it a beautiful, world-class destination," said Houston. The final development plans are still a ways off. While this was an important step forward, this wasn't the final step. The group still needs to complete the sale. which means getting through escrow and actually paying both the city and the county for the property. They have until June 30, 2026, to close the sale. The city of Oakland has final approval over any redevelopment plans, and the city will require engagement with community groups during that process.
CBS News
08-05-2025
- Business
- CBS News
Oakland City Council adjusts timeline for sale of Coliseum
The sale of the Oakland Coliseum, long characterized by fits and starts, took another incremental step forward Tuesday when the Oakland City Council voted to align its process with that of Alameda County. In what was basically a scheduling adjustment, council members approved the second reading of an ordinance that allows the city to close the sale of its 50 percent ownership of the Coliseum by June 30, 2026. That is the date already set by the county, which sold its 50 percent share of the property to the former Oakland Athletics baseball team but still has decision making authority regarding the sale. The African American Sports and Entertainment Group has penned agreements with the A's and Oakland to acquire both shares at $125 million apiece. The 2026 sales date allows the county to pay down the remaining bonds attached to the property, the title to which can't be transferred until the bonds are paid off. The extended timeline also gives Oakland and county officials time to wind down the joint powers authority they use to manage the facility, said AASEG co-founder Ray Bobbit. "This gives everyone time to plan things out," Bobbit said Wednesday. "The good news is that everybody is on the same page at this point." The county, widely seen as moving at a sluggish pace during the sales process, approved a draft term sheet with AASEG in January and then had 30 days to finalize the deal. That deadline, however, passed without an announcement from the county, which has been skittish over potential liability for any possible hazardous waste cleanup at the 112-acre site. County officials also want assurances that it won't be on the hook for a lawsuit by the nonprofit Communities for a Better Environment challenging its initial sale to the A's over state rules that require local authorities to prioritize affordable housing on surplus public land.
CBS News
13-02-2025
- Sport
- CBS News
NBA All-Star weekend prompts Oakland to clean up problem areas
With the NBA All-Star weekend just a few days away, the cities of San Francisco and Oakland are getting ready for the festivities. In Oakland, the city has been working with community groups to clean up the Hegenberger corridor near the Coliseum, plus the Oakland Police Department is stepping up security in the area. Driving along the Hegenberger corridor in East Oakland near the Coliseum, it's obvious there is an effort underway to put the city's best foot forward. "When I am driving, I do see that the streets are kind of clearer, even with the, they had a whole bunch of trailers and stuff like that, like I can see that they are making a difference," said Michelle Beacham. She was born and raised in Oakland and still lives in the east part of town. She also works at an office only a few blocks from the Coliseum. She said she's frustrated it took the NBA All-Star weekend for the city to address some of the issues residents have been complaining about for years. "You guys want to clean it up because people are coming here now for an event to bring money, but what about us, the people who live here every single day? Those people are going to be here for the weekend then go home while we're stuck with it. It's going to go back to how it was," she said. The city, along with community partners like AASEG, the ownership group trying to buy the Coliseum property, as well as PG&E and some local motorcycle clubs have organized clean-ups to pick up trash in the area. The city has also fixed dozens of broken streetlights in the area and the Oakland Police Department will have a greater presence in the area. "That is one of the strategies we want to put in place is to have enough officers out there so people not only feel safe, but they see the presence of law enforcement and know they can't come in and commit frivolous crime in the city throughout these events," said Deputy Chief Casey Johnson of OPD. Oakland Police along with the Alameda County Sheriffs, BART PD and CHP will have additional staff in the Coliseum area as well as downtown as well as areas historically known for sideshow gatherings. "There will be traffic enforcement in areas where we see bad actors. People, we're not going to be specific for sideshows, but we will be specific for people who are speeding or running stop signs or engaging in a sideshow," said Assistant Chief James Beere. Residents like Michelle say they just wish this kind of engagement could happen year-round and not just during special events. "People are scared to come here, like Oakland has such a bad reputation now and we are such a beautiful city and it's just unfortunate," she said. Community groups are hosting another cleanup session along the corridor Thursday morning from 9 to noon ahead of the celebrity game on Friday, and the HBCU Classic on Saturday.
