Billionaire Philip Anschutz Puts Sports, Entertainment Giant AEG Up For Sale
LOS ANGELES (CBSLA.com)— CBS2/KCAL9 has learned that Anschutz Co. owner Philip Anschutz is selling its sports and entertainment subsidiary, AEG.
AEG, who owns arenas and teams around the world, has a piece of almost every team in the Los Angeles area, including the Lakers, Galaxy, Sparks and the defending Stanley Cup Champions, the Kings.
AEG started its L.A. empire in 1999 by building the Staples Center, which is home to the Lakers, Clippers, Kings and host to multiple high-end concerts, including the Grammys.
“Given the success of the management team and employees in establishing AEG as one of the premier real estate development, live sports and entertainment platforms in the world, as well as the value AEG has created with the strategic assets that comprise its platform, this is an appropriate time to transition AEG to a new qualified owner,” said Cannon Y. Harvey, president of the Anschutz Co.
Harvey said, “This process represents a unique opportunity to maximize value for all concerned and will allow us to assure that, like the Anschutz Co., the new owner will have the financial resources, commitment and vision to support AEG’s management team as it continues to grow the business of AEG and the power of its brands.”
In 2003, the Home Depot Center was built for the Galaxy, who has been owned by AEG since 1998.
AEG has been attempting to buy the rights to the stadium site so that an NFL team could move to Los Angeles and seek to begin building a proposed billion-dollar stadium right next to Staples Center in downtown L.A.
Last week, Los Angeles city planners approved plans to build the $1.2 billion project that would bring in 30,000 temporary and permanent jobs, along with $400 millions in tax revenue.
If they can secure the rights to the stadium building plan, then they can use it as leverage to finally convince a team to come to Los Angeles.
The teams that are possibly being considered for the move to Los Angeles include the Oakland Raiders, Saint Louis Rams and San Diego Chargers, as all are having issues generating a new stadium of their own.
AEG Live is the world’s second-largest concert promoter behind Live Nation.