AEG for Sale: Bids Sought for NFL Stadium Backer

The "For Sale" sign on sports and entertainment giant AEG gets bigger, as the company sends potential buyers information on its worth, according to a Reuters report.

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    NEWSLETTERS

    Denver billionaire Phil Anschutz is seeking bidders for his company, Anschutz Entertainment Group (AEG), which recently won approval to build a football stadium in downtown Los Angeles.

    The owner of L.A. Live and Staples Center has begun the process of trying to sell his mammoth sports and entertainment holdings, the Reuters news service reported Tuesday.

    The wire service reported that billionaire Phil Anschutz hopes to garner bids as high as $10 billion for his Anschutz Entertainment Group, which just two weeks ago won approval to build a downtown football stadium in Los Angeles.

    NFL Gets "Key to the City"

    [LA] NFL Gets "Key to the City"
    As expected, the LA City Council gave final approval on Friday for AEG to go ahead with a $1.2 billion NFL stadium project and a $315 million convention center upgrade. "Today we have given the key to the city to the National Football League," one council member says. Patrick Healy reports from Downtown LA for the NBC4 News at 6 p.m. on Sept. 28, 2012. (Published Friday, Sep 28, 2012)

    The company planned to send letters detailing the company's worth and other information associated with a potential sale to 25 potential buyers on Monday, Reuters reported.

    The Denver mogul’s decision to sell his company came as a shock to many in Los Angeles, coming as it did on the verge of the City Council’s approval of a deal worth more than $1 billion to build the stadium and attempt to lure an NFL football team to the city.

    "One Giant Step Closer" to NFL in LA

    [LA] "One Giant Step Closer" to NFL in LA
    The mayor and the head of AEG formally signed an agreement for the development of the new NFL stadium. Annette Arreola reports live from downtown for the NBC4 News at Noon on Oct. 3, 2012. (Published Wednesday, Oct 3, 2012)

    Under the terms of a deal approved on Sept. 28, AEG would be required to put a 40% equity stake into the huge development project that would include remodeling the Los Angeles Convention Center and building the stadium.

    The company promised that any new owners would honor that part of the deal, and city officials insisted that they had not put the city’s strained coffers at risk by approving it with a sale of AEG looming.

    NFL's Path to LA Paved By Stadium Agreement

    [LA] NFL's Path to LA Paved By Stadium Agreement
    City officials and business leaders gathered in downtown Los Angeles on Wednesday morning to sign a formal agreement to build a new NFL stadium. John Cádiz Klemack reports from Downtown LA for the NBC4 News at 5 p.m. on Oct. 3, 2012. (Published Wednesday, Oct 3, 2012)

    Just days before the vote, AEG said it was putting itself up for sale and hiring Blackstone Advisory Partners to help facilitate the process.

    When the sale was announced, some experts estimated that AEG was worth around $7 billion.