Sep 18, 2012 No Comments ›› Pat Dollard
Excerpted from The Los Angeles Times: The company that owns the Staples Center and the Los Angeles Kings announced late Tuesday it is being put up for sale, sparking a potential billion-dollar bidding war for some of the sports and entertainment world’s glitziest properties.
The Anschutz Co., run by Denver billionaire Philip Anschutz, said it is seeking a buyer for its AEG subsidiary, which also has stakes in the L.A. Live entertainment venue in downtown Los Angeles, the Los Angeles Kings professional hockey team and the Los Angeles Galaxy pro soccer team.
It’s unclear how far along the process is or whether any likely buyers have emerged.
If a deal goes through, it would mark the second blockbuster sports transaction in Southern California this year, following the $2.15-billion purchase of the Los Angeles Dodgers baseball team by Guggenheim Baseball Management. That was a world-record price for a sports franchise.
“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, Anschutz Co. president.
The AEG unit is pursuing plans to build a professional football stadium next to the Staples Center in hopes that it would serve as the future home of an NFL team.