Regions

Anschutz Pulls Plug on Sale

March 15
2:25 PM 2013

Phil Anschutz, billionaire owner of AEG, has pulled out his sports, music and arena company from the market. He said that he felt 'reinvigorated' after back surgery and he didn't like the 'noise' accompanying the sale.

In a statement, the billionaire owner of the Los Angeles based conglomerate said, "I'm feeling energized and will be more active at AEG as chairman. There was too much noise in the process, a lot of people talking off the record and most of it inaccurate."

He described the process as having a 50-50 chance of happening as he received non-binding bids that is well-below the US$8 billion price tag set the Denver dealmaker had set. The AEG portfolio owns or operates 120 arenas around the world, NHL's Los Angeles Kings and a stake in the NBA's Los Angeles Lakers.

The bidders for the portfolio ranged from equity firms Colony Capital LLC, Guggenheim Partners LLC and biotech billionaire Patrick Soon-Shiong.

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