OAKLAND, Calif. - The owners of the A's have no plans to sell their portion of the Oakland Coliseum.
A’s president Dave Kaval aid the team rejected a purchase offer from the African-American Sports and Entertainment Group, which wants to use part of the 155-acre Coliseum complex for a new attraction for both retail and nightlife, the East Bay Times reported.
It's a proposed $5 billion venture.
The A’s acquired 50% of the property rights to the Coliseum complex for $85 million from Alameda County in 2019, hoping the land could be a failsafe as the team sought to build a ballpark elsewhere.
Community leader have said they want to restore the Coliseum to help provide jobs and services in East Oakland.
Oakland officials predicted that the new complex could bring 30,000 new jobs to the community, the East Bay Times reported.