Group that owns Los Angeles Kings, Galaxy, portion of the Los Angeles Lakers and the Staples Center looking for a new owner....
The Anschutz company announced on Tuesday that it is going to begin proceedings to sell its subsidiary, the Anschutz Entertainment Group (AEG). It is owned by the Anschutz Group and run by Denver billionaire Philip Anschutz.
AEG is owner of the Los Angeles Kings, Los Angeles Galaxy, a portion of the Los Angeles Lakers and the Staples Center, where the Lakers, Clippers, Kings and Los Angeles Sparks play their games. In addition to that, the AEG group
also owns the Home Depot Center, which is home to the LA Galaxy and Chivas USA of Major League Soccer.
“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," announced Cannon Y. Harvey, president of the Anschutz company.
The company has hired the services of financial advisors Blackstone advisory partners to guide them through the sale process. Blackstone recently managed the auction of the Los Angeles Dodgers as well.
“As we look to the future, we will capitalize on our integrated business model to further grow AEG in key cities around the world. Our sports properties and teams are only beginning to take advantage of international expansion,”
Tim Leiweke, president and CEO of AEG, said during the press conference.
The AEG group was also behind the Farmers Field, a $1.5 billion arena to be set up in Los Angeles, which is in the final stages of being cleared for construction subject to the company reaching a deal with an NFL team to move to
Los Angeles.
Los Angeles Mayor Antonio Villaraigosa maintains that the announcement by AEG will not affect the construction of the arena, or the plans of the company and the city to attract an NFL team back to Los Angeles.
AEG’s assets include L.A. Live, a sports and entertainment district in Downtown Los Angeles which includes the Staples Center and the Nokia Theatre. The group also owns the O2 Arena in London, which hosted some parts of the London
Olympics earlier this summer. Additionally, AEG owns a network of more than 100 arenas, stadiums and clubs in five different continents across the globe.
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