Sports and retail estate company Anschutz Entertainment Group (AEG) is set to come up with a deal from potential bidders including Patrick Soon-Shiong, Guggenheim Partners LLC and Colony Capital LLC, according to people familiar with the matter.

The bidders have offered bids under $7 billion for the assets of AEG that include a music touring business, arenas and sports teams.

One source said that AEG and the bidders are close to reach a deal as they are about $1 billion apart on the suggested price.

The people close to the bidding said that the current bidding firms are in discussion on whether or not they should increase the amount of their bids.

AEG, owned by American entrepreneur Phil Anschutz, is being advised by Blackstone Group LP in searching for the favorable deal price.

Once AEG decided its preferred bidders, Anschutz would be required to ask approval from the U.S. sports leagues.