Developer buys half-stake in Oakland Coliseum for $105M

African American Sports Entertainment Group looks to turn decrepit facilities into housing

Developer Buys Half-Stake in Oakland Coliseum for $105M
African American Sports & Entertainment Group's Ray Bobbit and Oakland Mayor Sheng Thao with the Oakland Coliseum at 7000 South Coliseum Way in Oakland (Wikipedia/Quintin Soloviev, AASEG Oakland, Sheng for Oakland)

The Warriors are dribbling across the bridge in San Francisco and the A’s plan to take to the field in Las Vegas soon, but the Oakland Coliseum complex has a sporting chance at a new life in the hands of a local development group.

The African American Sports Entertainment Group settled on a price of $105 million for the city’s half of the 120-acre property, the San Francisco Business Times reports. The complex includes the 60,000-seat baseball-and-football stadium — the Raiders played there before decamping for Las Vegas four years ago — and a 19,200-seat basketball arena.

The other half of the property at 7000 South Coliseum Way is owned by Alameda County, which agreed to sell it to the A’s baseball franchise for $85 million in 2019. The A’s have continued to make payments on the property even as they plan the move to Las Vegas. The team’s ownership has reportedly turned away offers from AASEG, sparking speculation they could attempt to become involved in a redevelopment plan or block such efforts.

The sports facilities on the property seem likely to face a wrecking ball — both are generally viewed as outdated — although the new owner is pursuing a WNBA franchise. The bulk of the plan from the new stakeholders calls for housing, with 25 percent in the affordable range by local standards. The redevelopment also would involve retail, hotels and other commercial uses.

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The City of Oakland views the deal as a cash infusion that will help offset some of its big budget deficit while picking up the pace of redevelopment for the site, which is expected to be empty after the A’s leave next year.

AASEG has committed to a series of payments over the next two years, with the first for $5 million upon finalization of the sale agreement, another $10 million on Sept. 1, $15 million more on Nov. 1, $33 million by Jan. 15 and the balance of $42 million by June 2026.

There are hurdles in front of the new stakeholders, but AASEG Managing Partner Ray Bobbit expressed hopes for “a cooperative mindset at this point.” AASEG and Loop Capital, a Chicago-based financial backer of the project, have spent several years working with city officials on visions for the property. 

The AASEG executive team is Oakland- born and -based.

“That’s one of the reasons why we believe we were selected,” Bobbit said. “The other reason we believe we were selected is because we won’t retreat. … We will move this process forward, because our families, our community depend on it. We’re here, we’re committed to it.”

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