OAKLAND — The long journey of acquiring the Coliseum is nearly done — which means everything is just beginning for Ray Bobbitt, his local development group and the iconic East Oakland property they are seeking to transform into a massive new complex.
The city announced over the weekend it had reached a purchase-and-sale agreement to transfer its share of the Coliseum to Bobbitt’s African American Sports and Entertainment Group for $105 million.
Standing in a plaza between the sprawling concrete stadium rusted with sports history and the proud arena known until just recently as “Roaracle,” Bobbitt acknowledged that the moment was making him emotional.
Community members give a standing ovation during a press conference at the Coliseum in Oakland on Tuesday, Sept. 3, 2024. The city has sold its 50% ownership share of the Coliseum to the African American Sports and Entertainment Group (AASEG) for $105 million dollars. (Jane Tyska/Bay Area News Group)
At the top of his mind, he said, was the “historic nature of a team that is from this community taking stewardship of this incredibly iconic site — a place that has represented so many important memories and events for all of us.”
“We were working night and day — through the clock,” Bobbitt said. “I know there was a lot of skepticism about whether we could reach an agreement that quickly. But it’s because of the hard work of all these people and their commitment to the process that made it possible.”
Now the city will begin receiving payments, starting with $5 million that Mayor Sheng Thao said Tuesday is already “in the bank.” The next deadline is for $10 million by the end of this month, which would help Oakland avoid drastic spending cuts amid its ongoing financial crisis.
African American Sports and Entertainment Group founder and managing member Ray Bobbitt embraces Mayor Sheng Thao during a press conference at the Coliseum in Oakland on Tuesday, Sept. 3, 2024. The city has has sold its 50% ownership share of the Coliseum to AASEG for $105 million dollars. (Jane Tyska/Bay Area News Group)
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“Many thought institutional capital was fleeing Oakland — it’s not the case,” Thao said. “When you are able to be innovative and think outside the box, you know what the Coliseum is. You know this is the place to be in the Bay Area.”
AASEG, as the Black-led development is known, has also nearly completed its purchase of the Coliseum’s other 50% ownership share from the A’s for $125 million. That binding sale is awaiting approval from the Alameda County Board of Supervisors.
The A’s are scheduled to play their final home game Sept. 26 at the Coliseum before departing to West Sacramento next year, en route to a possible stadium in Las Vegas.
When longstanding public bonds are fully paid off at the Coliseum in early 2026, Bobbitt’s group will have full ownership of the property. In the interim, AASEG intends to pursue pre-development plans at the site.
In its finished form, AASEG’s leaders hope the 155-acre nightlife hub will boast live sports, bars, restaurants, hotels and housing — a version of L.A. Live, the mega-complex in downtown Los Angeles.
To start, the ballpark will host home games next year for Oakland Roots SC, a popular second-division men’s professional soccer franchise.
One early idea for the redevelopment involves student housing for those attending Lincoln University, the private college based in the city’s downtown. Athletes from the school’s football team attended Tuesday’s news conference.
Coucilmember At-Large Rebecca Kaplan speaks during a press conference at the Coliseum in Oakland on Tuesday, Sept. 3, 2024. The city has has sold its 50% ownership share of the Coliseum to the African American Sports and Entertainment Group (AASEG) for $105 million dollars. (Jane Tyska/Bay Area News Group)
The 60,000-seat ballpark stadium may not still be there, but Bobbitt, an East Oakland native, noted every iteration of the plan includes the arena, where revenue from concerts has surged in recent years.
“This is a beacon for Oakland the Bay Area,” Carolyn Johnson, CEO of the East Oakland nonprofit Black Cultural Zone, said in an interview. “It’s really amazing.”
Shomik Mukherjee is a reporter covering Oakland. Call or text him at 510-905-5495 or email him at smukherjee@bayareanewsgroup.com.
