OAKLAND, Calif. (KRON) — The City of Oakland has entered into an Exclusive Negotiating Agreement with the African American Sports and Entertainment Group (AASEG) regarding the development of the Oakland Coliseum site. Oakland Mayor Sheng Thao and several other Oakland elected officials and community leaders were present at a press conference Thursday along with AASEG representatives to announce the deal.
The agreement refers to the participation of 50% of the city in the Colosseum complex. That would make the deal potentially the largest transfer of public land to a black-owned business in Oakland’s history, according to a posting on the city’s website.
“We are talking about an organization that is leading Black-owned businesses partnering with Black-owned investment firms, working to bring Black-owned homes and businesses to our city creating jobs in East Oakland,” said the Mayor Thao, “and it is the largest development opportunity for an African-American-led group in Oakland’s history.”
Thao said the deal would potentially bring new public facilities, retail to an underserved area of the city, hospitality opportunities, affordable housing and new sports equipment to the city.
Thao also said the deal has the potential to bring 20-30,000 new high-paying jobs to the city.
“The best way we can reduce crime is by creating jobs,” Mayor Thao said, “and this is going to create so many jobs, good union jobs too, because we know it’s good union jobs that will keep our families. here.”
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“Awarding the development agreement for this vital site to an Oakland-based African-American-led business entity will go a long way toward addressing the apparent racial disparities within the City of Oakland’s hiring practices. This project will foster economic parity, local small business and entrepreneurial opportunities,” said AASEG founder Ray Bobbitt.
The agreement opens a clearer path for AASEG to acquire and develop the Oakland Coliseum site. The group has also expressed interest in bringing black-led NFL and WNBA teams to the city. This follows the recent high-profile departure of the NBA’s Golden State Warriors and NFL’s Oakland Raiders from the city.
Currently, the city’s only remaining major sports franchise, the Oakland A’s, is trying to push through a new waterfront ballpark development at Howard Terminal.
AASEG has two years to negotiate with the city and present a plan to the Oakland City Council.
