The City of Oakland has officially entered into a Purchase and Sale Agreement (PSA) with the African American Sports & Entertainment Group (AASEG) for half of the Oakland Coliseum site, a move that is expected to catalyze a multi-billion dollar development in East Oakland. As detailed in Mayor Sheng Thao's X post, the transaction was completed ahead of the deadline, avoiding the activation of contingency budgets and potential cuts to public safety.

This $105 million sale, heralded by city officials, is anticipated to put Oakland on a path to economic resurgence while sparing the city's services from severe cuts – a consequence that would have surfaced were it not for this agreement. According to an X post from Mayor Sheng Thao, "we signed our historic Purchase and Sale Agreement (PSA) with @AASEGOakland for the City’s half of the Coliseum property." This comes when the City tries to address a significant budget deficit.

SIGNED. SEALED. DELIVERED. ✍️ Moments ago, we signed our historic Purchase and Sale Agreement (PSA) with @AASEGOakland for the City’s half of the Coliseum property. pic.twitter.com/Go6UavGeyX

— Mayor Sheng Thao 盛桃 (@MayorShengThao) September 1, 2024

The completion of AASEG's acquisition of the remaining share from the Oakland Athletics earlier solidifies AASEG's control over the entire complex. Mayor Thao and AASEG plan a joint press event on September 3 to announce this significant milestone. As per the provided information, this event intends to introduce the plans for future development and discuss the impact on the community.

Ray Bobbitt of AASEG emphasized this new stewardship's deep significance and profound responsibility, noting the Coliseum's robust history as a cornerstone of entertainment in the Eastbay region, per NBC Bay Area. The group's vision includes job creation, new housing, and a revival of entertainment and professional sports in the area.

Further backing the transaction, Mayor Thao expressed that this strategic development is more than a quick fix but a foundation for long-term community upliftment. "This is a multi-billion-dollar development that is going to deliver affordable housing, jobs, business opportunities, community benefits, and tax revenue for decades to come", Mayor Thao declared in a statement quoted by Hoodline.