Oakland Athletics agree to sell their stake in Coliseum

SAN FRANCISCO A private Black development group has tentatively agreed to purchase the Oakland Athletics’ half of the Coliseum from the departing team for $125 million. This sale will allow the group to construct a massive entertainment and sports complex in a long-neglected area of the San Francisco Bay Area.

Coliseum Way Partners, the A’s affiliate, and the African American Sports & Entertainment Group jointly announced the agreement in a statement on Monday. In May, the development group reached an agreement to pay $105 million to the city of Oakland for the remaining 50% ownership stake.

The Oakland-Alameda County Sports and Entertainment Group says on its website that it intends to develop a “thriving sports, entertainment, educational and business district” on the property.

The group’s managing member Ray Bobbitt said they are still in the general plans and ideas stage, but in all scenarios, the Oakland Arena would stay and continue hosting profitable ventures such as Disney shows and singers, such as Celine Dion.