Reports: Owner of Staples Center AEG Set to Go on Sale
The Staples Center has hosted some very exciting basketball over the years, and now that both the Los Angeles Lakers and Clippers are both elite teams, the arena has become a basketball hub. The landlords of the stadium, AEG, couldn’t be happier that its arena is holding such entertaining basketball. However, it appears as though AEG will have to lose its stake in Staples Center.
The Los Angeles Times reports that AEG, which is part of the Anschuntz Co., is being put up for sale.
The company that owns the Staples Center and the Los Angeles Kings announced late Tuesday it is being put up for sale, sparking a potential billion-dollar bidding war for some of the sports and entertainment world’s glitziest properties.
It’s unclear how far along the process is or whether any likely buyers have emerged.
At this point there is no determined amount that AEG will be sold for, but some reports indicate the deal could be in the billions. This is also not the first time Anschuntz has tried to sell off AEG. In 2008, Ticketmaster and Cablevision Systems Corp. were on the verge of acquiring 49 percent of AEG for about $400 million, but that deal was not completed.
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