The city of Oakland announced on Wednesday that they will be selling their share of the Coliseum, where the departing Oakland Athletics currently play, to a local Black development group for at least $105 million. This move comes after the A’s announced their temporary relocation to West Sacramento until their new ballpark is built in Las Vegas. The property also includes the Oakland Arena, which was once home to the Oakland Raiders and Golden State Warriors. The sale will help fill shortfalls in the city’s budget and pave the way for a proposed sports and entertainment destination site, along with thousands of new affordable housing units and community benefits for East Oakland.
The African American Sports & Entertainment Group, which was founded in 2020 with the goal of using sports and entertainment to enhance economic equity for the Black community, reached out to the A’s to purchase their share of the site. However, the team was not interested in selling. The A’s had previously purchased the county’s half of the site in 2019 for $85 million and are still paying it off. The city council now needs to pass an ordinance authorizing the city administrator to sign a purchase and sale agreement with the group, moving forward with the sale of Oakland’s share of the Coliseum.
Oakland Mayor Sheng Thao expressed optimism about the agreement, stating that it puts the city on a path towards a more equitable and resilient future. With the departure of the Raiders to Las Vegas and the Warriors to San Francisco in recent years, East Bay sports fans have been left without professional sports teams. The sale of the Coliseum to the African American Sports & Entertainment Group not only helps address budget shortfalls but also promises potential for future development in the East Oakland area, providing much-needed community benefits to a historically neglected part of the city.
The sale of the Coliseum represents a significant step towards economic equity for the Black community in Oakland, as the purchasing group focuses on using sports and entertainment as a means to create opportunities for this demographic. The proposed sports and entertainment destination site, along with the construction of affordable housing units, promises to bring much-needed growth and development to East Oakland. The city stands to benefit from the influx of revenue from the sale, as well as the potential for increased economic activity and community engagement in the area.
While the Oakland A’s will be departing from their longtime home in Oakland, the sale of the Coliseum to a local Black development group signifies a new chapter for the site and the surrounding community. The city’s decision to sell its share of the property for $105 million demonstrates a commitment to fostering economic equity and revitalizing East Oakland. As the city council moves forward with the authorization of the purchase and sale agreement, Oakland residents can look forward to the potential for a thriving sports and entertainment destination, affordable housing options, and community benefits that will benefit all members of the community.
Overall, the sale of Oakland’s share of the Coliseum to the African American Sports & Entertainment Group represents a positive development for the city, offering a path towards greater economic equity, community benefits, and future growth. The agreement between the city and the purchasing group highlights a commitment to inclusive economic development and social impact, setting the stage for a transformative revitalization of the East Oakland area. The sale not only addresses budget shortfalls but also promises long-term benefits for residents, businesses, and sports fans in the region, marking a significant milestone in the ongoing evolution of Oakland’s urban landscape.
