Oracle CEO, 3rd Richest Man In America Larry Ellison Enters AEG Race
LOS ANGELES (CBSLA.com) – Oracle CEO Larry Ellison, also known as the third richest man in America, could be the new face of AEG according to an exclusive report by Reuters.
Ellison, who is worth an estimated $41 billion, will enter the auction to buy the sports and entertainment giant AEG, who have stakes on the Los Angeles Lakers, Kings, Galaxy, Staples Center and LA Live.
Last week, Ellis told CNBC that he has 139-million Oracle shares valued at $4.2 billion as collateral “in case I go shopping and something catches my eye,” and joked that the Lakers, who are in their first year of their $3 billion TV contract with Time Warner Cable, would be a nice purchase.
AEG owner Philip Anschutz announced in September that his sports and entertainment empire is for up sale.
AEG President and CEO Tim Leiweke said that he and his executive committee have all signed extensions that will keep them on with the new owners who would be committed to the NFL project if the company is sold.
Also, earlier this month the city of Los Angeles and AEG leaders signed a deal to authorize the construction of a new NFL stadium and convention center in downtown Los Angeles.
This is not the first time Ellis has tried to enter the sports world as he had inquired about purchasing the Memphis Grizzlies.
Ellis will enter with Guggenheim Partners, who own the Los Angeles Dodgers and LA billionaire Patrick Soon-Shiong as possible bidders.