Billionaire Philip Anschutz said Thursday he has decided not to sell AEG, the entertainment giant that controls the Staples Center, LA Live and the Los Angeles Kings.
Anschutz said he plans to resume a more active role in the company. He announced in September that he was seeking bidders in a sale that some insiders said could fetch $7 billion.
Potential bidders for the company were said to be Los Angeles billionaire Patrick Soon-Shiong, and well-known names such as Mark Cuban and powerhouse Santa Monica investment firm Colony Capital. Guggenheim Partners, which recently led a consortium that bought the Los Angeles Dodgers, was also said to be interested in acquiring AEG.
“From the very beginning of the sales process, we have made it clear to our employees and partners throughout the world that unless the right buyer came forward with a transaction on acceptable terms we would not sell the company,” Anschutz said in a statement.
The decision to not sell AEG could further muddle attempts to lure a professional football team to Los Angeles and build a stadium downtown.