The African American Sports and Entertainment Group (AASEG) has brought together a coalition of development, government and sports interests to bring the team to Oakland, including former Oakland City Manager Robert Bobb and legendary sports agent Bill Duffy.
Ray Bobbitt, founder of AASEG, told KCBS Radio that the group has brought on Loop Capital—the country's largest African American owned investment firm—into the mix.
“We’ve expanded ourselves into a situation where now, not only do we have vision, we have experience, but we also have resources,” he said.
The team is sending a letter to the NFL declaring their intent to purchase the Oakland Coliseum stadium site to become the home of the expansion team.
Bobbitt says that the goal is to use the franchise to anchor economic development in the East Oakland community and that the effort is the byproduct of the protests for social and economic justice.
“One of the primary components of social justice is economic equity and equality,” he said, adding that Oakland is a “unique” place for social justice.
If successful, the group would become the NFL’s first ever African American majority owned franchise.
The group has submitted a $92 million offer to purchase the City of Oakland's interest in the coliseum site.