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Oakland Coliseum hopes to become new sports, entertainment hub

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Source: KRON4

(KRON) — The people working to purchase the Oakland Coliseum site say they are on track to close the deal before the end of the year. The African American Sports and Entertainment Group, along with their financial partner Loop Capital, hopes to turn the 112-acre site into a sports and entertainment complex as well as bring housing and jobs to the area. “It’s a business endeavor, but it’s a passion project. It’s really to uplift the community and the surrounding communities,” said Bill Duffy with The African American Sports and Entertainment Group. To do that, they must complete the purchase of the 50% stakes in the property owned by both the City of Oakland and the County of Alameda. “We’re all committed to getting this done by 12/31, and as we sit here today, the pieces are in place to actually get us there,” said Jim Reynolds, the CEO of Loop Capital. “We’re going to change lives. We’re going to put housing there, economic vibrancy there, (and) grow the city’s GDP there.

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