Owner of Staples Center, AEG, is Up for Sale

AEG, the corporate behemoth that owns the building where the Lakers and Clippers play their home games, is looking for a new buyer. Per the AP: “Anschutz Entertainment Group, the owner of the Staples Center arena and the NHL’s Los Angeles Kings, and the top contender to build a stadium and bring the NFL back to Los Angeles, is up for sale, its parent company said Tuesday. The Denver-based Anschutz Co. said in a statement that it is ‘commencing a process’ to sell the subsidiary known as AEG and had hired Blackstone Advisory Partners as an adviser. It wasn’t immediately clear how far along the company is in the sale process, or whether it has entertained any offers, but the price for AEG could be well into the billions. The sale would mean a major ground shift in sports and entertainment in Los Angeles and around the world. AEG’s holdings also include pro soccer’s Los Angeles Galaxy, part-ownership of the NBA’s Los Angeles Lakers, and major entertainment and real estate holdings in downtown Los Angeles. Outside of L.A., AEG owns Major League Soccer’s Houston Dynamo and New York’s Barclay’s Center, the new home of the NBA’s Brooklyn Nets. It also owns arenas in Sweden, China and Australia. The sale would also throw uncertainty into LA’s nearly two-decade attempt to bring the NFL back to the city. The City Council is considering the approval of plans for Farmers Field, a downtown stadium proposed by AEG.”