Oakland A’s agree to sell Coliseum share to Black-led development group

OAKLAND — The A’s have agreed to sell their share of the Coliseum to a Black-led development group that has long promised to transform the enormous concrete property into a thriving new nightlife hub.

The $125 million deal will turn a profit for the A’s on their way out the door to West Sacramento — with long-term plans to relocate to Las Vegas — but opens the door for new possibilities at the 155-acre complex.

It paves the way for the African American Sports and Entertainment Group to have full ownership of an important piece of East Bay real estate, including the baseball stadium, arena and vast space in between.

And it comes less than a week after the group finalized plans to acquire the other 50% share of the site — owned by the city of Oakland — for $105 million, bringing to end a longstanding joint-ownership structure of the property.

Precise terms of the deal were not immediately clear. Dave Kaval, the A’s president, said in a news release that selling the Coliseum would “provide substantial opportunities and benefits for East Oakland and the broader community.”

The development group, founded by a group of Oakland residents and financially backed by Chicago-based investment fund Loop Capital, intends to revitalize the property with live sports, bars, restaurants, hotels and some housing.

Led by Oakland native Ray Bobbitt, the group has so far struck out on landing a WNBA or major women’s soccer team, but two smaller soccer franchises, the Roots and Soul, are expected to begin play at the Coliseum next year.

This story will be updated.