OAKLAND, Calif. (KRON) — The A's have announced they are leaving Oakland, but are still in the process of purchasing 50 percent ownership of the Coliseum site in Alameda County.
But Ray Bobbitt of African American Sports and Entertainment Group has other plans in mind. Last week, the group sent a letter to the A's renewing its offer to buy a 50 percent stake in the Coliseum so that AASEG could redevelop the site as a city within a city.
“We have a mandate from the community to develop the site to host more sports and play more entertainment,” Bobbitt said. “But more importantly, we want to deliver the services that bring housing and bring hotels so that we can really use this as a catalyst for the redevelopment and revitalization of East Auckland.”
The Athletics rejected AASEG's $85 million offer in September, but Bobbitt said he was open to negotiations. AASEG is also currently in the process of purchasing a 50 percent stake in the city's real estate.
“Our capital partner is Loop Capital, the largest African American-owned investment banking firm in the country,” Bobbitt said. “They are out of Chicago and fully capable of executing the deal.”
Bobbitt said it remains unclear how discussions about A's lease extension will affect AASEG's plans, but he expects A to consider selling its interest in the property.
“This is a really great opportunity for Oakland to promote itself in a location that has been successful for many years,” Bobbitt said.
