OAKLAND, CALIF. — The City of Oakland has agreed to sell its share of the Oakland-Alameda County Coliseum complex to African American Sports and Entertainment Group (AASEG) for $105 million. Mayor Sheng Thao signed off on the city’s sale of the property, where the MLB’s Oakland Athletics currently play.
Revenue from the sale to AASEG will be used to close part of the city’s budget deficit — $117 million this year and $175 million next year. Payments for the sale of Oakland’s 50 percent stake in the Coliseum site to AASEG will be made in installation over the next several years.
AASEG is also in talks to purchase the portion of the Coliseum owned by the Athletics, which is still paying off the team’s 2019 purchase of Alameda County’s share of the site.
The Athletics plan to finish the season at the Coliseum before moving to Sacramento for at least three seasons. The team’s long-term plan remains to build a stadium in Las Vegas.