African American Sports and Entertainment Group (AASEG) has reached an agreement with the City of Oakland on a $5 billion redevelopment of the Oakland Coliseum and a portion of the 100 acres surrounding it.
According to the terms of the agreement, the city will transfer 50% of the ownership of the Coliseum site to AASEG, the largest transfer of public land to a Black-owned developer in Oakland's history, according to a report in the San Francisco Chronicle.
However, the developer won't tear down the cavernous, 57-year-old Coliseum—a football stadium built for the Raiders, who have deserted Oakland for Las Vegas (after deserting the city twice for Los Angeles)—and replace it with a cozy new baseball stadium for the Oakland A's.
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