Holy crap, major shakeup for Downtown heavyweight developer AEG--the company behind LA Live, Staples, and the Downtown NFL stadium proposal--is being pulled off the auction block and longtime CEO/driving force Tim Leiweke is stepping down. Owner Phililp Anschutz put AEG up for sale last fall for an alleged $8 or $10 billion or so, and all the major SoCal players showed a little interest: that included Colony Capital (which owns Neverland Ranch), LA's richest man Patrick Soon-Shiong, and Dodgers owners Guggenheim Partners. AEG's been having troubles with its proposed Farmers Field Downtown NFL stadium--the NFL has been pretty much giving it the hand--and the Wall Street Journal says that "made it difficult for prospective buyers to value the company." Apparently, Denver-based Anschutz "plans to resume a more active role in the company, focusing on its worldwide strategy and operations," according to the LA Business Journal (sub. req.). (AEG also owns or part-owns the Lakers and the Kings, entertainment venues worldwide, and concert promoter AEG Live.) Meanwhile, Leiweke has been president and CEO since 1996, and is the guy we're used to seeing around town and at city council hearings as the face of the company; he's apparently "leaving his position by mutual agreement." He'll be replaced by former CFO/COO Dan Beckerman. Update: Here's more on Anschutz, Leiweke, and their and AEG's relationship with Los Angeles.
· Anschutz Pulls AEG Off Auction Block [WSJ]
· Downtown NFL Stadium Developer Being Put Up For Sale [Curbed LA]
Filed under:
Loading comments...