SAN FRANCISCO -- The departing Oakland Athletics have reached a tentative agreement to sell its half of the Coliseum to a private Black development group for $125 million, paving the way for the group to build a giant entertainment and sports complex in a long-neglected part of the San Francisco Bay Area city.

The African American Sports & Entertainment Group and the A's affiliate, Coliseum Way Partners, announced the deal in a joint statement Monday. The development group struck a deal in May to purchase the other 50% ownership interest from the city of Oakland for $105 million.

The sports and entertainment group states on its website that it plans for a "thriving sports, entertainment, educational and business district" on the property, which houses the Oakland-Alameda County Coliseum and Oakland Arena. The group was founded in 2020 with the primary purpose of using sports and entertainment "to create a path for enhanced economic equity" for Black residents.

The group's managing member Ray Bobbitt said they are still in the general plans and ideas stage, but in all scenarios, the Oakland Arena would stay and continue hosting profitable ventures such as Disney shows and singers, such as Celine Dion.

Developers have also discussed hotels, a restaurant row, open parks space and housing that is both affordable and market rate on the property by Interstate 880, he said by phone. The group's deal with Oakland calls for any housing built to be at least 25% affordable.

"It's really Oakland's opportunity to invest in East Oakland and to create a revitalization of the entire area," he said.

The A's announced this year that the Major League Baseball team will temporarily relocate to West Sacramento until its ballpark is built in its new home of Las Vegas. The team's affiliate purchased its stake in the property for $85 million in 2019.

The Coliseum and Arena were once home to the Oakland Raiders and Golden State Warriors. The NFL's Raiders moved to Las Vegas and the NBA's Warriors left for San Francisco in recent years, leaving professional sports fans in the East Bay Area desolate.