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AEG no longer for sale

City News Service | 3/14/2013, 7:57 a.m.

LOS ANGELES, Calif.--The planned sale of Anschutz Entertainment Group, which owns Staples Center, L.A. Live and the Los Angeles Kings and is the driving force behind plans to build an NFL stadium in downtown Los Angeles, was halted today.

AEG Chairman Philip Anschutz, said he plans to take a more active role in the company, while Tim Leiweke, AEG's president/CEO who has often been the local face of the company, will be leaving "by mutual agreement."

"We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the company," Anschutz said. "We wish him well in his new endeavors."

Leiweke will be replaced by Dan Beckerman, the company's chief financial officer and chief operating officer.

Anschutz said that from the beginning of the proposed sale process, which was announced in September, the company made it clear the transaction would not move forward unless the "right buyer" could be found.

"From the very first days of AEG, my vision has been to tie together world-class real estate development strucutred around entertainment venues with premium sports and live entertainment content," he said. "In recent years we have developed related businesses to further promote and enhance the performance of AEG's facilities for the benefit of our partners, including our sponsors, artists, consumers and the communities in which we operate.

"The company's operations will continue to be run by AEG's experienced senior executive team, most of whom have been with AEG for over a decade," he said. "We will continue to set the standards in the industries in which AEG operates, bringing our unique vision and development model to entertainment
locations throughout the world."