The Oakland Athletics on Monday reached an agreement to sell their 50 percent ownership stake in the Oakland Coliseum to the African American Sports & Entertainment Group for $125 million.

The AASEG, a private, Black-owned development group, previously landed a deal to buy the other 50 percent of the stadium site from the city of Oakland in May.

"As Oakland natives who grew up merely blocks away from the Coliseum, and as longtime Oakland business owners, we are filled with gratitude for this opportunity to assume stewardship of the Coliseum site," AASEG founder Ray Bobbitt said in a statement.

The A's deal still needs approval from the Alameda County Board of Supervisors. When that comes, the AASEG will have full control over the site of both the Coliseum and Oakland Arena, the former home of the Golden State Warriors.

The AASEG -- founded in 2020 with a stated goal to "create a path for enhanced economic equity for the Black community" -- plans to build housing on the site while keeping the Oakland Arena operating.

The Athletics are due to move out of Oakland at the end of the 2024 season. Their plan is to play multiple seasons in Sacramento before their new ballpark in their final destination, Las Vegas, is ready for them.

--Field Level Media