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City reaches deal to sell half of future Oakland A's coliseum

City reaches deal to sell half of future Oakland A's coliseum
City reaches deal to sell half of future Oakland A's coliseum

 


OAKLAND, Calif. (AP) The city of Oakland is selling its share of the Coliseum, home of the departing Oakland Athletics, to a local black development group for at least $105 million, Mayor Sheng Thao announced Wednesday.

The sale is not surprising after the A's announced last month that the Major League Baseball team temporarily move to West Sacramento until its baseball stadium is built in his new home in Las Vegas. Fans try to enjoy the team's final year in the city of 400,000 inhabitants.

The property is home to the Oakland-Alameda County Coliseum and the Oakland Arena, which were home to the Oakland Raiders and Golden State Warriors, respectively. THE NFL Raiders moved to Las Vegas and NBA Warriors departed for San Francisco in recent years, leaving professional sports fans in the East Bay area desolate.

The money will help close shortfalls in the city's budget, but city officials also say the sale to African American Sports & Entertainment Group paves the way for a proposed sports and entertainment destination site, to thousands new affordable housing and community benefits for historically neglected people. East Oakland.

“This agreement puts us on the path to a more equitable and resilient Oakland,” Thao said in a press release.

The Oakland A's purchased half of the site from the county in 2019 for $85 million and are still paying it off. The sports and entertainment group contacted the A to buy their share but the team was not interested in selling.

The buying group was founded in 2020 with the primary goal of using sports and entertainment to pave the way for greater economic equity for the Black community.

The Oakland City Council must now pass an ordinance authorizing the city administrator to enter into a purchase and sale agreement with the group.

Source: job

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2/ https://dailyjournal.net/2024/05/22/city-strikes-deal-to-sell-its-half-of-soon-to-be-former-oakland-as-coliseum/

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