AEG, Owner Of Staples Center, To Be Sold

Patrick Soon-Shiong, a Los Angeles billionaire, will lead an investment group in a bid to purchase the newly available Anschutz Entertainment Group, the notable sports and real estate company that owns Staples Center, according to a Reuters report.

Soon-Shiong’s wealth is valued at over $7.2 billion. He is said to have united with a private equity firm, Guggenheim Partners, in a plan to make a bid for the corporation. Guggenheim recently led a group that included Magic Johnson in the successful sale of the Los Angeles Dodgers.

The proposed sale of AEG wil not affect the pursuit of bringing an NFL team to Los Angeles, both an AEG representative and Los Angeles Mayor Antonio Villaraigosa said on Tuesday.

AEG owns Staples Center and has been in talks with the city of building a stadium to house a NFL team as part of the L.A. Live complex, which includes Staples Center, the Nokia Theater and the L.A. Convention Center.

The sale of the AEG Group, which owns Staples Center as well as stakes in the Los Angeles Kings and Galaxy, could fetch a total price of $2 billion sources told The Fourth Period.

Anschutz Corp., which is owned by Denver-based billionaire Philip Anschutz, announced it was putting AEG up for sale on Tuesday. The sale includes all the group’s various sports and entertainment assets, with Staples Center, stakes in the Kings and Galaxy, the O2 Arena in London and the Coachella Music Festival among the most notable.

The company that owns Staples Center announced on Tuesday that it is putting the home of many of the Los Angeles based professional teams up for sale.

The details of how far along the bidding process have gone are unknown as of now. The AEG unit is reportedly pursuing plans to build a football stadium in efforts to lure a NFL team to Los Angeles.