OAKLAND, Calif. (KRON) — Even though the A’s have announced they’re leaving Oakland, they’re still in the process of buying Alameda County’s 50-percent ownership in the Coliseum site.
But Ray Bobbitt with the African American Sports and Entertainment Group has another plan in mind. Last week the group sent a letter to the A’s renewing their offer to purchase that 50-percent stake in the Coliseum so AASEG can redevelop the site into a city within a city.
“There’s a mandate from the community to get that site developed to bring more sports there to play more entertainment,” Bobbitt said. “But more importantly, to bring services to bring, you know, housing to bring hotels to really just sort of use it as a catalyst to redevelop and revitalize east Oakland.”
The A’s rejected AASEG’s $85 million offer in September, but Bobbitt said they are open to negotiating. Right now, AASEG is also in the process of purchasing the city’s 50-percent share of the property.
“Our capital partner is Loop Capital, and they are the largest African American-owned investment banking firm in the country,” Bobbitt said. “They’re out of Chicago and they have the full capacity to execute the transactions.”
Bobbitt said it remains unclear how discussion of the A’s extending their lease will impact AASEG’s plans, but he’s hoping the A’s consider selling their interest in the property.
“It just really be an opportunity for Oakland to showcase itself at that site which is so successful for so many years,” Bobbitt said.
