Oakland Coliseum Sold for $125M, Paving Way for $5B Overhaul

Oakland-based developer AASEG has acquired full ownership of the Oakland-Alameda County Coliseum, allowing the company to move forward with a $5 billion plan to revitalize the complex. The proposal includes new sports facilities, entertainment venues, a hotel, and affordable housing, with a focus on stimulating the East Oakland economy. The Oakland Athletics departed the Coliseum this year after owners failed to reach a deal with the city for a new complex.

Oakland, CA - July 2, 2025 - The Oakland-Alameda County Coliseum sale has finally reached a significant milestone with the Alameda County Board of Supervisors unanimously approving the transfer of its 50% stake in the property to the African American Sports and Entertainment Group (AASEG). This move paves the way for AASEG to execute its ambitious $5 billion plan to revitalize the 112-acre complex.

The decision, made on July 22, 2025, follows months of negotiations and delays. Alameda County Supervisor Nikki Fortunato Bas emphasized the importance of this vote, stating that it would "finally give the group the power and assurance to begin that work." [1]

AASEG, which purchased the other 50% stake earlier this year, plans to develop new sports facilities, entertainment venues, a hotel, and affordable housing. The group aims to stimulate the economy of East Oakland, an underserved part of the city, and address decades of disinvestment. AASEG has already committed to making 25% of any housing built affordable. [2]

The Oakland Athletics, who played their final game at the Coliseum in 2024, departed due to failed negotiations with the city over a new complex. The move prompted fan outcry and a "reverse boycott" to show support for the team. The Oakland Raiders, who also played at the Coliseum, have since relocated to Las Vegas. [3]

The approval of the Coliseum sale could have broader implications for the Bay Area real estate landscape. If successful, the AASEG project could attract additional investors, boost the local economy, and rejuvenate local infrastructure and services. The demand for housing in the Bay Area remains robust, fueled by tech-driven migration and remote work trends. [3]

The Oakland Coliseum sale is a critical step in a monumental process that could transform the economic and residential fabric of the region. As AASEG moves forward with its development plans, investors and financial professionals will closely watch the project's progress and its potential impact on the local and broader Bay Area economy.

References:
[1] https://www.kqed.org/news/12048852/after-months-oakland-coliseum-sale-is-finally-up-for-key-vote-heres-what-to-know
[2] https://www.bloomberg.com/news/articles/2025-07-22/oakland-coliseum-sells-as-developer-plans-overhaul-to-former-a-s-home
[3] https://www.reddit.com/r/BayAreaHomes/comments/1m5z931/fate_of_oakland_coliseum_sale_to_be_decided_by/