In a statement, the team said it is pleased to have reached this deal with the African American Sports and Entertainment Group that can help 'provide substantial opportunities and benefits for Oakland.'
The Oakland Athletics have come to a tentative deal to sell its portion of the Coliseum to the African American Sports and Entertainment Group.The Oakland A's will sell its half of the Oakland Coliseum to the investment company African American Sports and Entertainment Group for $125 million, the baseball team announced Monday.
Should the sale be greenlighted by the board of supervisors, it would end a more than three-year saga in which AASEG negotiated to acquire the Coliseum. Bobbitt said the negotiations were fast-tracked over the last few months, as Oakland passed a budget that relied on funds from the sale to close fiscal gaps. He also said that the imminent departure of the A's, who are set to leave Oakland next year for Sacramento, made negotiations easier for their share of the stadium.
"I appreciate the collaboration between the A's and AASEG and am excited for the future of the Coliseum site," said Alameda County Supervisor Dave Haubert.Both Bobbitt and Oakland Mayor Sheng Thao have touted the development firm's plan for a "multi-billion dollar" investment to build housing on the Coliseum site. When the Oakland City Council advanced the sale in June, it approved up to 4,000 units, with 25% of them affordable.
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