As Oakland Arena’s popularity as a concert venue continues to soar, a group that was co-founded by a music industry executive is considering purchasing the venue, which would be part of a larger sale of the entire Oakland Coliseum Complex.
The purchase of the 155-acre Oakland Coliseum Complex, including the arena and stadium, by Oakland nonprofit, the African American Sports & Entertainment Group (AASEG), is slowly proceeding, as the Chronicle reports. The complex is currently split 50-50 between the city of Oakland and Alameda County, and the county’s portion is tied up in an old deal with the A’s.
As SFist reported previously, AASEG, which is run by Oakland community leader Ray Bobbitt and sponsored by Chicago-based Loop Capital, agreed to buy Oakland’s half of the complex in 2024, and the group reportedly agreed to purchase Alameda County’s half last July. The deal has been a long time coming.
Music industry executive Irving Azoff’s Oak View Group, which is owned by private equity company Silver Lake, is reportedly considering purchasing the Oakland Arena as part of the sale.
The Chronicle notes that before the whole deal can proceed, the county will need to undo an agreement with the A’s from 2019 prior to the team’s move to Las Vegas in which the team would buy the county’s half of the complex for $85 million, as previously reported. The county will reimburse the funds, which are currently being held in escrow.
AASEG will then reportedly pay the county $115 million over several years, plus 5% compounding interest.
If Oak View Group purchases the arena, the county would receive at least half the proceeds of the principal owed.
Oaklandside reports that one unresolved issue is who would ultimately be responsible for environmental liabilities tied to the Coliseum property. Under the terms, AASEG would assume much of that responsibility, though developers are seeking an exemption for the arena parcel. Bobbitt told city officials the carveout could significantly affect the deal if it is not approved.
Dozens of community members urged the county to move the project forward in a meeting Thursday, describing the redevelopment as a rare investment opportunity for East Oakland that could bring new housing, businesses, and jobs to the area.
According to SFGate, Oakland Arena has increasingly reinvented itself as a major concert venue since the Warriors left for San Francisco in 2019, drawing artists across genres including Olivia Rodrigo, Kacey Musgraves, Billy Strings, Rosalia, J. Cole, Aespa, and Katseye throughout 2026.
Venue officials told the outlet the arena has recently upgraded backstage areas for performers and touring crews, while murals have been installed highlighting the site’s long concert history, which includes performances by Elvis Presley, Tina Turner, the Rolling Stones, and dozens of Grateful Dead shows.
Officials also pointed to the site’s accessibility as a major advantage for touring acts and fans, with direct BART access, nearby Amtrak service, airport connections, and extensive parking, noting that concerts at the arena continue bringing visitors and economic activity into the city.
Previously: A’s Sell Their Share of the Oakland Coliseum to Black-Owned Development Group for $125 Million
Image: Oakland Arena/Google Maps
