AEG Up For Sale, Potential Bidders Emerge
Tuesday evening it was announced AEG, owner of the Staples Center, L.A. Live and the second largest concert promoter in the world, is up for sale.
The entertainment company owned by Denver billionaire Philip Anschutz was put up for sale in a statement released Tuesday night, reports CBS LA. It not only owns the biggest sports complexes in L.A. (and are behind plans to build an NFL stadium), but also has a stake in the Lakers, Galaxy, the Sparks, and defending Stanley Cup champs the Kings.
Within 24 hours of the announcement, a potential bidder on the company has already emerged. A doctor, thought to be L.A.’s richest man, has reportedly revealed interest in buying the company.
Patrick Soon-Shiong, who’s also a biotech investor, philanthropist and minority owner of the Lakers, is worth an estimate $7.9 billion. He also recently tried to buy part of the Dodgers.
Another possible bidder thought to buy AEG is Madison Square Co., which owns the New York complex of the same name and the Knicks. The company isn’t new to investing in L.A. property – it recently bought The Forum for $25.5 million and is currently undergoing a $50 million renovation.
As AEG searches for a new owner, Mayor Antonio Villaraigosa promises plans to build a football stadium and bring a team back to L.A. will not be lost in the transition.
“I have worked with both Phil Anschutz and Tim Leiweke for years to bring a football team to Los Angeles. I speak to both of them on a regular basis, and I have known about this potential sale for some time,” the mayor said in a statement Tuesday. “I have the commitment from both of them that this won’t affect plans for an NFL team to return to Los Angeles in the near future and so will not affect my support for moving ahead with Farmers Field.”