The African American Sports & Entertainment Group (AASEG) has announced a deal to acquire 50% of the Oakland-Alameda County Coliseum site from Coliseum Way Partners, the Athletics affiliate, for $125MM. With a prior deal in place for the other 50%, AASEG will now have full ownership of the land pending approval from the Alameda County Board of Supervisors. The press release was sent out on X and on MLB.com.
In 2019, CWP acquired Alameda County’s half of the Coliseum site for $85MM, but negotiations for a new stadium in Oakland fell through. The A’s eventually purchased land in Las Vegas and were approved for relocation in November of 2023. Despite talks about staying in Oakland until 2027, the A’s announced a move to Sacramento for the 2025-27 seasons.
Following discussions with the city of Oakland, AASEG reached an agreement to acquire the city’s 50% stake in the land for $105MM. Combined with the acquisition from the A’s, AASEG will own the entire property for a total of $230MM. A $5 billion redevelopment project is planned for the site, including housing, an amphitheater, restaurants, and a convention center, with 25% of the housing designated as affordable.
“The AASEG is grateful for this historic agreement with the Oakland Athletics,” said AASEG Managing Member Ray Bobbitt. The A’s will likely use the sale funds to aid in their relocation process to Las Vegas, where they are planning a $1.5 billion stadium project.
Additionally, the A’s may need to invest in upgrades to Sacramento’s Sutter Health Park to meet MLB standards. Concerns have been raised about the facility’s quality compared to other major league ballparks, prompting possible renovations. The A’s ownership, the Fisher family, is estimated to be worth $8.9 billion and is expected to contribute $850MM in equity towards the stadium project.
