Denver rich guy Phil Anschutz wants to unload Anschutz Entertainment Group, the entertainment division of his giant corporation (which makes most of its money in oil and gas interests). The Wall Street Journal reports that Anschutz will likely sell AEG--which owns LA Live, the Kings, the Galaxy soccer team, the Coachella music festival, and a 30 percent stake in the Lakers--by the end of next year and in one big chunk. AEG is developing Farmers Field, the proposed South Park football stadium, which could possibly house two professional teams should they be wooed back to LA. Farmers would be one of the biggest projects, if not the biggest, in the city as it would require a modernization for part of the Convention Center and a new and improved Pico station for the Expo and Blue Lines. The City Planning Commission just approved the $1.2 billion stadium and the City Council will take it up soon. Mayor Villaraigosa remains bullish on the stadium and says in a statement that he wasn't surprised by the WSJ report: "I have worked with both Philip Anschutz and Tim Leiweke for years to bring a football team to Los Angeles. I speak to both of them on a regular basis and I have known about this potential sale for some time. I have the commitment from both of them that this sale will not affect plans for an NFL team to return to Los Angeles in the near future and will not affect my support for moving ahead with Farmers Field and the Convention Center site."
· Sports Giant, Part Owner of Lakers, Weighs Sale[WSJ]
· AEG Archives [Curbed LA]