Plan to develop Oakland Coliseum clears major hurdle
Plan to develop Oakland Coliseum clears major hurdle
After years of delays, the plan to develop the Oakland Coliseum has cleared a major hurdle. On Tuesday, the project's future rested on a vote by the Alameda County Board of Supervisors. KTVU's Jana Katsuyama breaks down the decision.
OAKLAND, Calif. - A vote by the Alameda County Board of Supervisors on Tuesday cleared the way for an Oakland developer to buy the Oakland Coliseum and move ahead with plans to revitalize the aging property.
After nearly a year of negotiations, the board voted unanimously to approve the $125 million sale of a 50% stake in the 112-acre property. The buyer, Oakland Acquisition Company, is an affiliate of the African American Sports and Entertainment Group.
Ray Bobbit, the managing partner of both entities, said he's "very excited" to move forward with the plan to redevelop the property into a mixed-use residential, retail, entertainment and sports complex.
"I think our whole concept and approach has been really community-based, which I think is one of the reasons why people have been so supportive," Bobbit said. "Before we even submitted a proposal, we met with 50 community organizations. I think that's kind of our trademark, and we're excited (about next steps)."
Plans and costs
By the numbers:
The planned redevelopment is projected to cost $5 billion. AASEG has partnered with Chicago-based investment firm Loop Capital to finance the project.
The supervisors' vote approved the sale, but has not completed the deal. The Oakland Acquisition Company has until June 30, 2026 to close the deal on the property.
"The parties can move forward to close, to transfer the title, and they can finally move forward with the community, with the city of Oakland on a transformative, economic development project," supervisor Nikki Fortunato Bas said.
A long history
The backstory:
The Oakland Coliseum opened in 1966, and was the home of the Oakland Athletics from 1968 to 2024, when the team left Oakland.
The Oakland Raiders called the Coliseum home from 1966 to 1981, and again from 1995 to 2019. The team relocated to Las Vegas — the soon-to-be home of the A's — in 2019.