The influential group has put forth plans for a massive entertainment, retail, and residential development, aiming to revitalize the Coliseum area and the city as a whole.

Oakland has been in an exclusive relationship with AASEG since last year, and now, the city will sell its half of the Coliseum complex to the group. The A's, who own the other half of the Coliseum, are believed to be in negotiations to sell their portion as well. Last week, they completed their final payment for the County's half of the Coliseum site.

According to sources, the sale is valued at a minimum of $105 million, providing a significant boost to Oakland's budget and helping to cover its deficit. However, Mayor Sheng Thao's office emphasizes that the sale is not solely motivated by financial reasons but has been in the works for years.

AASEG's ambitious plan aims to transform the 200-acre site into a $5 billion megaproject, featuring sports facilities, entertainment venues, a hotel, and new housing options. The sale includes the arena that was formerly the home of the Golden State Warriors, as well as the surrounding parking lots.

The timing of this announcement is notable as the Oakland Athletics will be playing their final season in Oakland in 2024 before temporarily relocating to Sacramento and ultimately moving to Las Vegas. This leaves the Coliseum without a major tenant, creating an opportunity for AASEG's planned development.

Responding to concerns from devoted A's fans, Andy Dolich, co-author of the book "Goodbye Oakland," urges them not to lose hope, reminding them of the strong emotional connection they have with their team. Dolich highlights that the sale of the Coliseum represents more than just financial transactions but the loss of an essential part of the city's sports heritage.

To proceed with the sale, the City Council must pass an ordinance enabling the City Administrator to move forward. Additionally, Mayor Thao's office states that a midcycle budget adjustment, taking the sale into account, will be submitted on Friday. A press conference has been scheduled for Wednesday at 3 p.m. to provide more details about the sale.

The sale of the Coliseum complex to the African American Sports and Entertainment Group represents a significant milestone for Oakland, offering a promising opportunity for economic growth and revitalization. The city's collaboration with AASEG aims to create a vibrant hub for sports, entertainment, and housing, while ensuring the preservation of Oakland's sports legacy.