As the Oakland Athletics play their final two months in the Bay Area, the team has reached a tentative deal to sell its ownership stake in the Oakland Coliseum.
The A’s plan to sell their 50 percent interest in the Coliseum for $125 million to the African American Sports and Entertainment Group (AASEG), the two groups jointly announced Monday.
“As Oakland natives who grew up merely blocks away from the Coliseum, and as longtime Oakland business owners, we are filled with gratitude for this opportunity to assume stewardship of the Coliseum site,” AASEG managing member, Ray Bobbitt, said in a statement. “We recognize that while this is a tremendous opportunity, it is above all a profound responsibility. We graciously accept this responsibility and look forward to working with the community on this generationally transformational endeavor.”
In 2019, the A’s acquired Alameda County’s half of the Coliseum site for $85 million, with the balance of the purchase paid in early 2024. The sale is subject to approval by the Alameda County Board of Supervisors.
“AASEG has a community-oriented vision for the long-term development of the site and will be strong stewards of the property,” A’s President Dave Kaval, said in a statement. “Their leadership and development provide substantial opportunities and benefits for East Oakland and the broader Oakland community.”
AASEG last week reached a $105 million deal last week with the city of Oakland to obtain its 50 percent stake in the site.
The A’s tentative deal is priced higher than the city’s because the A’s owned their share for the last five years and spent about $7 million per year to maintain the aging ballpark.
The A’s are scheduled to relocate to Las Vegas and begin playing at their planned $1.5 billion stadium, to be built on 9 acres of the 35-acre Tropicana site in 2028. The Rat Pack era resort is in the process of being demolished, with plans to implode the two hotel towers set for October.
During the 2025, 2026 and 2027 MLB seasons, the A’s will play at a minor league ballpark in Sacramento. Due to the temporary nature of those years, the A’s will not use Sacramento in their name and will be known only as the Athletics for those three years.
The A’s plan to begin construction of their Las Vegas ballpark in April, but before that can begin, the team must first finalize a trio of agreements with the Las Vegas Stadium Authority and separate agreements with Clark County.
The A’s also must first secure financing for the ballpark’s construction, outside of the up to $380 million in public financing approved for the project via Senate Bill 1. Team executive, Sandy Dean, said last month the A’s plan to use about $350 million in public money, take on $300 million in debt financing, with up to $850 million paid for via equity from team owner John Fisher’s family.
The A’s are pursuing potential local investors that could offset the amount of equity the Fisher’s would contribute. Potential investors would be given a minority stake in the team.
Contact Mick Akers at [email protected] or 702-387-2920. Follow @mickakers on X.
