Billionaire Anschutz wants to start AEG bidding at $10 billion

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AEG via Getty Images

In this rendering released by AEG, the proposed football stadium to house an NFL team in Los Angeles, California is seen.

Phil Anschutz has reportedly kicked off the auction of AEG. Reuters reports he expects bids for AEG in the $10 billion range.

Citing sources familiar with the situation, Reuters reported a memo, which describes the sports and entertainment conglomerate, was sent to dozens of potential buyers.

Among the recipients: Private equity and real estate firms, sovereign wealth funds, and individuals with enough money to bid on AEG.

The firm owns major entertainment venues throughout the world, including Staples Center.

It also owns the Los Angeles Kings and Galaxy and promotes music festivals like Coachella.

The $10 billion price sought by Anschutz is considered to be a couple of billion dollars more than even the highest of estimates when AEG hung its “for sale” sign last month.

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