“We were working night and day — through the clock,” the development group’s leader, Ray Bobbitt, said of the process behind finishing a sale.
African American Sports and Entertainment Group founder and managing member Ray Bobbitt speaks during a press conference at the Coliseum in Oakland, Calif., on Tuesday, Sept. 3, 2024. The city has has sold its 50% ownership share of the Coliseum to the African American Sports and Entertainment Group AASEG for $105 million dollars.
At the top of his mind, he said, was the “historic nature of a team that is from this community taking stewardship of this incredibly iconic site — a place that has represented so many important memories and events for all of us.” “Many thought institutional capital was fleeing Oakland — it’s not the case,” Thao said. “When you are able to be innovative and think outside the box, you know what the Coliseum is. You know this is the place to be in the Bay Area.”
In its finished form, AASEG’s leaders hope the 155-acre nightlife hub will boast live sports, bars, restaurants, hotels and housing — a version of L.A. Live, the mega-complex in downtown Los Angeles. The 60,000-seat ballpark stadium may not still be there, but Bobbitt, an East Oakland native, noted every iteration of the plan includes the arena, where
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