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AEG - owner of Kings, Galaxy, LA Live - up for sale

Staples Center in downtown Los Angeles is seen in this undated file photo.
September 18, 2012 12:00:00 AM PDT
Anschutz Entertainment Group, one of the world's largest sports and entertainment franchises and owner of the Los Angeles Kings, Los Angeles Galaxy and the L.A. Live complex, is up for sale.

AEG, a subsidiary of the Anschutz Co. owned by Denver billionaire Philip Anschutz, announced the sale Tuesday evening, saying the sale process was under way, though it was not known why the company was being put up for sale or if any buyers were lined up.

Among AEG's high-profile assets are the O2 arena in London and the downtown L.A. Live complex that includes Staples Center and Nokia Theatre. It also owns the Home Depot center in Carson and has a stake in the Los Angeles Lakers and Los Angeles Sparks.

AEG also owns Goldenvoice, promoter of the annual Coachella Valley Music and Arts Festival in Indio.

In a statement, Mayor Antonio Villaraigosa said AEG's sale will not affect plans for an NFL team to return to the city.

"I have worked with both Philip Anschutz and Tim Leiweke for years to bring a football team to Los Angeles," he said. "I have the commitment from both of them that this sale will not affect plans for an NFL team to return to Los Angeles in the near future and will not affect my support for moving ahead with Farmers Field and the Convention Center site."

Leiweke confirmed the company will stay on course with its plans to bring pro football to Los Angeles.

"The new owner will have the historic opportunity to benefit from AEG's strategy to reunite Los Angeles with the NFL, as AEG moves forward with its efforts to bring an NFL franchise to Farmers Field to be built at L.A. LIVE," Leiweke said in a statement.

Assisting AEG in its sale is the Blackstone Group, which managed the recent auction of the Los Angeles Dodgers.


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