It’s Official: The Oakland Coliseum Is Sold.
Oakland Coliseum – Credit: Milbpics
So, someone finally bought the Oakland Coliseum.
On Monday, it was announced that Oakland A’s owner John Fisher has agreed to sell his team’s half-interest in the Oakland Coliseum site to the African American Sports and Entertainment Group (AASEG). This follows AASEG’s recent agreement to purchase the other half of the Coliseum from the city of Oakland, giving the group full ownership.
This development is promising. AASEG plans to transform the site into a vibrant mini-city, revitalizing the neighborhood and the wider Bay Area. But the significance of this deal goes much deeper. AASEG is composed of Black business and civic leaders, most of whom are locals. Their vision extends beyond profit; they aim to uplift the entire community. Oakland has been in the news for all the wrong reasons recently. The departure of the A’s, following the exits of two other pro teams, has left the city reeling. Adding to the gloom was the closure of the In-N-Out near the airport, a symbolic blow to Oakland’s economic and social fabric due to persistent crime.
These events seemed to underscore a narrative of decline, particularly poignant in a city with a rich Black cultural heritage. The perception of Oakland as a failing Black city has always been unfair. AASEG faces numerous challenges and will need to adapt swiftly to overcome them. Yet, if successful, their project could become one of the largest private developments led by African Americans in the city’s history.
“This gives people something to celebrate,” Bobbitt noted. “Amidst all the toxic news about Oakland, it’s time we highlighted the good things.” Bobbitt said in an interview with the San Francisco Chronicle.
While it’s a gamble, the stakes are high, and the potential rewards even higher. Bobbitt and his team, backed by Loop Capital, the nation’s largest Black-owned investment bank, are poised to make history.
“This can drive economic self-help in the African American community,” Bobbitt said. “It’s a chance to open new opportunities.”
This could be good news for a city that desperately needs it.
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