Company looks to pursue future football stadium and NFL team
San Francisco, CA -- (SBWIRE) -- 10/08/2012 -- The company that owns the Staples Center and Los Angeles Kings, announced Tuesday it is being put up for sale. The announcement sparked what is likely to be a billion-dollar bidding war from the entertainment and sports world’s big wigs.
The Anschutz Co., which is run by Philip Anschutz, is seeking a buyer for the AEG subsidiary. The subsidiary includes the L.A. Live entertainment venue in downtown Los Angeles, The Kings, and the Los Angeles Galaxy MLS team.
It is unclear how far into the process the company is into finding a buyer. It is also unclear whether or not there are interested buyers at this time. It is hard to imagine there would not be at some point soon.
If a deal is to occur, it would be the second large L.A.-based sports transaction in the last year. The Dodgers were recently purchased by Guggenheim Baseball Management for $2.15 billion. The deal was a 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.
AEG is currently in talks and planning pre-planning stages regarding building a football stadium next to the Staples center in hopes they could secure a future home for an NFL team.
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