Oakland Finalizes Coliseum Sale to AASEG for $230 Million Redevelopment

Aug 5, 2024, 02:32 PM

Oakland has finalized the sale of the Coliseum site to the African American Sports and Entertainment Group (AASEG). The deal, valued at $105 million, involves the sale of the city's portion of the site and aims to transform the area into a center for housing, hotels, and nightlife. The Oakland A’s baseball team has also agreed to sell its ownership stake in the Coliseum to AASEG for $125 million, completing the transfer of the massive sports and entertainment complex to the private sector. This historic agreement is seen as a major investment in the economic growth of East Oakland, providing substantial opportunities and benefits for the community.