Breaking News: AASEG re-engaging to buy part of Coliseum complex

Yesterday, it was reported that the Athletics are considering selling their portion of the Coliseum to a potential buyer, the African American Sports and Entertainment Group (AASEG).

Talks between the two parties are set to commence next week to explore a deal where AASEG would acquire the Athletics’ stake in the complex, alongside the City of Oakland’s ownership of the other half, which has shown enthusiasm for AASEG’s redevelopment vision.

The Athletics acquired their 50% share from Alameda County in 2019 for $85 million with intentions of building a new ballpark in Oakland. It’s likely that owner Fisher would aim to fetch a similar price. Notably, the team is still paying off this acquisition even five years later.

AASEG had previously expressed interest in purchasing the land in September, which was initially rebuffed by the A’s. However, with MLB’s approval for relocation to Vegas and potential financial constraints, AASEG is revisiting the proposal. Their vision includes transforming the Coliseum area into a comprehensive hub for sports, entertainment, business, and education.

Fisher’s apparent disinterest in the East Bay market had led to expectations of a swift divestment of his shares. Surprisingly, Fisher has shown resistance, concurrently requesting a lease extension while denying the Oakland Ballers baseball team use of the stadium, despite it not conflicting with the Athletics’ schedule. With the Athletics entering their final year at the Coliseum, Fisher might be leveraging the sale of shares as leverage in lease negotiations.

Should AASEG acquire the land, Oakland may not directly benefit, leading to uncertainty about their support for retaining the Athletics’ presence.

Despite Fisher’s waning interest in the East Bay, he retains control over the land, hindering redevelopment to maximize relocation profits. Selling his shares to an investor interested in Oakland’s development could be mutually beneficial. The outcome hinges on whether the parties can reach an agreement this time.