By Post Staff

After 57 years, the Athletics have left Oakland following a home series this week.

Though Congresswoman Barbara Lee introduced legislation to keep the team in Oakland, she could not get the backing she needed from other legislators in the Republican-controlled House of Representatives.

Lee tried 15 months ago, the day before Nevada politicians approved $380 million in public funds to build a Las Vegas ballpark.  Lee proposed a bill that would have stopped the A’s move by requiring a hefty exit fee that would have made them reconsider a move.

“That’s only fair,” Lee said in an interview in the Los Times by sportswriter Bill Shaikin. “That’s the only fair way to do it,” she said. “You’ve got to compensate the community, because the community has invested a heck of a lot.”

However, Lee’s bill could not go forward without the backing it needed.  First, it went to the House Judiciary Committee chaired by Rep. Jim Jordan, the Ohio Republican.  Jordan did not co-sponsor Lee’s bill or permit the committee hearing required for the bill to move forward.

“We put up a good fight. The city put up a good fight, the county, everyone,” said Lee.

“Unfortunately, we are losing a team that really, in the day, exemplified Black excellence in Oakland. It’s more than just the team leaving. It’s a part of Oakland’s history, and our culture,” she said.

Oakland Post

Posts by Oakland Post

By Ken Epstein

The City of Oakland this week finalized the $105 million sale of the city’s 50% share of the Oakland Coliseum to the African American Sports and Entertainment Group (AASEG), based on a long-term plan and vision for social and economic revitalization of East Oakland that will include jobs, new businesses, and affordable housing.

Last Thursday, AASEG also finalized the deal to purchase the other 50% of the Coliseum owned by the Oakland A’s for $125 million, meaning that the entire 155-acre property is now owned by the African American business group, likely the largest transfer of property to African Americans in Oakland history.

According to a terms sheet, AASEG is paying the city $15 million in September, $15 million in November, $33 million in January 2025, and $42 million by June 20, 2026. The development is financed by Loop Capital, a Chicago-based investment firm.

Hosting the press conference at the Coliseum on Tuesday, co-founder of the AASEG team, Ray Bobbitt, a longtime Oakland businessman, introduced Mayor Sheng Thao, who he said “drove” this project for the city, along with Councilmember-at-large Rebecca Kaplan.

“This is history in the making,” said Mayor Thao, emphasizing the team effort between private investors, city officials, staff, and community that is moving the city forward.

Trending

Hackers Target Chargers – Auto News – Live Auto [Car] Talk Show – AutoNetwork Reports 358

This project is not a short-term financial fix for Oakland but a long-term strategic development that will pay off for the city and its residents for decades, she said.

“This will be a $105 million sale that will lead to a multi-billion-dollar investment in Oakland, specifically deep East Oakland,” Thao said.

“This isn’t a temporary band-aid for the budget as some naysayers may say,” she continued. “Yes, it helps keep fire stations open, it helps keep our (police) officers, and the (police) academies going. But (more fundamentally), this is a work in process for Oakland’s future.”

The mayor said she was honored to work with the African American business leaders in AASEG and with the African American entrepreneurs in Loop Capital.

“Many thought institutional capital was fleeing Oakland, but that is not the case.,” she said. “We were able to be innovative and think outside the box. (We) know what the Coliseum is; this is the place to be in the Bay Area.”

A number of observers say political opponents of the mayor and much of city’s leadership are “doom seekers,” continually emphasizing that Oakland is a terrible place to live where nothing good happens, as they seek to justify their attempt to restore power to representativesof  the city’s traditional elite.

In her remarks, Kaplan outlined a vision of the redeveloped Coliseum site as a major economic hub for not just East Oakland but the Bay Area, noting that it sits near a BART station, freeway, rail line, and airport.

Ultimately, the AASEG project will be a $5 billion construction venture with housing, entertainment, live sports, hotels, and businesses.

“There is no site better prepared for development than this,” Kaplan said.

AASEG has agreed to create a community benefits plan before the end of the decade with labor agreements, workforce training, and pledges to residents around the Coliseum  that they will not be displaced by development.

AASEG has also agreed to ensure 25% of any housing developed at the site is affordable.

Bobbitt, who, as a child watched games at the Coliseum from his grandmother’s roof, said the project will serve the entire population of Oakland and the region and especially communities in East Oakland, where African Americans face the highest rates of poverty, unemployment, and homelessness, and as victims of crime, he said.

He said he especially wanted to recognize Paul and Gay Cobb, owners of the Oakland Post newspaper and elders in the community, who inspired him to have a large vision for the Coliseum that would lead to the development of East Oakland, the entire city, and the region.

“We want to acknowledge them and thank them for everything they do for our community. They safeguard us, they protect us, they push us, they urge us, I want you to understand what this newspaper means for our community,” Bobbitt said.

In a statement, Bobbitt said, “The AASEG sees this new stewardship (of the Coliseum) as a once-in-a-generation opportunity for the revitalization of Oakland and a profound responsibility to improve the lives of the community members of East Oakland.”

“Thank you to the city, our partners, Mayor Sheng Thao, Rebecca Kaplan, Nikki Bas, and everyone else who contributed to this,” he said.

Council President Bas said, “There are so many positive things to love about our town, and this is an opportunity, to set aside any differences we have and to work together and make this city as great as it can be.”

Entrepreneur Alan Dones, who is part of AASEG, said, “Our team agrees that our main objective here is to serve our community, to make sure this project stands out as a beacon for what can be done when you prioritize community, good jobs, and business opportunities.”

Oakland Post

Posts by Oakland Post

By Magaly Muñoz

Oakland has taken a big step towards securing funds that will save the city from major budget cuts by signing a term of agreement for the sale of the Coliseum stadium.

Mayor Sheng Thao and City Administrator Jestin Johnson signed the term agreement with the African American Sports and Entertainment Group (AASEG) on Tuesday morning. The agreement lays out the plan for the sale including payment scheduling and deed restrictions.

“What we’ve done today is we’ve changed for the better, because what we’re doing is we’re investing not just in today, but we are investing in an Oakland for tomorrow,” Thao said at a Tuesday morning press conference.

The sale of Oakland’s half-ownership of the stadium to AASEG was announced in late May and was painted as a way to help save the city from the large deficit they battled with for weeks in June.

The city council passed a budget dependent on the sale, avoiding cuts across all departments, particularly to departments responsible for public safety like the police and fire departments.

Had the sale fallen through, cuts would’ve needed to be immediately made in September to bridge the shortfall, but this new agreement brings a sense of security and victory for officials who would’ve needed to make the hard decisions.

With the funds, the city can maintain 678 sworn officers on the streets, fund crime reduction teams, graduate three police academies and keep all fire stations operational.

About $60 million from AASEG will be paid out to the city over the 2024-25 fiscal year. A deposit of $5 million is due within five days of signing the purchase agreement. Following the deposit, the group will pay $10 million by Sept. 1, $15 million by Nov. 1, and $33 million by Jan. 15, 2025.

The remaining $42 million is due no later than June 30, 2026.

“We will always stick forward, and we will move this process forward because our families, our community, depends on it and so we’re here. We’re committed to it,” Ray Bobbitt, founder of AASEG, said on Tuesday.

Bobbitt, an Oakland native, assured his commitment to the city and bringing new opportunities to the area. He added that the investment into public safety, the biggest concern for residents, is equally as important to address during this process.

The other half of the ownership for the Coliseum is held by the Oakland A’s baseball team, who are playing their last season at the ballpark before temporarily moving to Sacramento while the team builds a stadium in Las Vegas. They bought this half from Alameda County.

Bobbit said AASEG is “very much in constant communication” with the A’s to purchase their half of the stadium, but no further details were offered on when a deal will be officially on the table.

The A’s and the city went through a lengthy battle to get the team to stay when their lease for the stadium was finishing up, but Oakland could not convince the baseball team to stay. The fallout has led to bitterness and upset amongst the community who has long supported the team and is on their third professional sports team loss.

Council president Nikki Fortunato-Bas said at the Tuesday city meeting that Oakland had previously tried to negotiate with Alameda County to not sell, but they ultimately went through with their own deal.

“This is an investment in Oakland and the region today. It’s also an investment in the future, and like you heard from Mr. Bobbitt, it is also an investment in public safety,” Fortunato-Bas said.

“Today is the start of a boom loop here in Oakland!”

Oakland Post

Posts by Oakland Post