Philip Anschutz announced today that he has decided not to sell AEG, the entertainment group that controls the Staples Center, L.A. Live, and the L.A. Kings. The bidding war was said to be up to $7 billion, but Anschutz called off the sale, saying that he had always maintained that he wouldn’t sell “unless the right buyer came forward with a transaction on acceptable terms.”
Instead, Anschutz has chosen to become more involved with AEG. The decision could complicate plans to bring a professional football team to Los Angeles and to build a centrally accessible stadium.
Following the announcement, it was announced that AEG's longtime chief executive Tim Lieweke would be leaving the company "by mutual agreement." Lieweke has had a prominent role in negotiating with Los Angeles city leaders over the downtown stadium and a possible NFL deal.
How will the future of AEG affect L.A. sports? What does this mean for plans to bring an NFL team to town? Should Anschutz go ahead with plans to sell the company?
Sam Farmer, sports columnist for the Los Angeles Times