AEG bidding could top $5 billion; Colony Capital interested
The Anschutz Co. expects its sports and entertainment empire to sell for at least $5 billion, two people familiar with the sale process told the Los Angeles Times.
The so-called “bid books” for the AEG sale have not been distributed to potential investors, said the people, neither of whom was authorized to comment publicly. The book lists the assets for sale and provides confidential financial information about them.
A sale is not expected to be completed until next year.
Colony Capital, a Santa Monica-based real estate investment firm, is interested in exploring a bid for AEG, a person familiar with the process said Wednesday.
Colony manages assets worth $27 billion. Its chairman, Tom Barrack, was part of an unsuccessful bid to buy the Dodgers.
The AEG assets include Staples Center, three of the teams that play there and the adjacent L.A. Live entertainment complex.
Barrack, a former USC rugby player, has led Colony to invest in such properties as a French soccer club and a Japanese baseball club, with significant real estate surrounding the sports venues.
Patrick Soon-Shiong, the richest man in Los Angeles, confirmed his interest in bidding for AEG in a statement Tuesday night.
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