AEG owner of LA Kings, LA Galaxy & Staples Center for sale

AEG, the company that owns the LA Kings, LA Galaxy, Staples Center. LA Live and a portion of the Lakers has announced the company is for sale. AEG is owned by the Anschutz Company, which is run by Denver billionaire Philip Anschutz.

AEG is looking to sell to one buyer. The sale of AEG also has an impact on the future of the NFL in L.A. One of the rumored locals for a new stadium would be on the LA Live campus which is across from the Staples Center and next to the Convention Center, the spot designated for “Farmer’s Field” should a team commit to the city and the AEG plan. LA Mayor Antonio Villaraigosa has indicated that the sale of the company will have no bearing on LA’s efforts to get an NFL team.

“the qualified party best able to reflect the full value of AEG and fully committed to working with AEG’s management team as it pursues its long-term business objectives.”  

“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 Company. “This process represents a unique opportunity to maximize value for all concerned and will allow us to assure that, like the Anschutz Company, the new owner will have the financial resources, commitment and vision to support AEG’s management team as it continues to grow the businesses of AEG and the power of its brands.

The liklihood of a singular owner seems to pretty slim. Partnerships like the one that recently purchased the Dodgers would seem to be more realistic but there are a few individuals that have that type of financial muscle. ESPN’s Darren Rovell mentioned Larry Ellison. Ellison most recently attempted to purchase the Golden State Warriors. Also mentioned was Dr. Patrick Soon-Shiong who purchased Magic Johnson’s stake in the Lakers.

AEG has retained the services of the same financial company who managed the sale of the Dodgers, The Blackstone Group. That’s extremely helpful as they not only know and understand the needs of Southern California -where a large potion of the assets are located – they also probably have a list of interested buyers or groups on stand by.

In addition to the assets listed above, AEG owns and operates 100 plus arenas, stadiums and clubs including AEG Live whose responsible for Coachella Music & Arts Festival and other tours and special events.