|Patrick Soon-Shiong (AP)AEG Eyed By L.A. Billionaire Patrick Soon-Shiong
Posted: September 25, 2012
LOS ANGELES (AP) — The man reported to be Los Angeles’ richest emerged Wednesday as a potential bidder for AEG, the sports and entertainment empire that includes Coachella and Stagecoach festival promoter Goldenvoice.
Patrick Soon-Shiong, 59, a doctor, biotech investor and philanthropist who owns a minority share in the Lakers and tried unsuccessfully to buy part of the Dodgers, has emerged as a potential bidder for Anschutz Entertainment Group. Forbes has estimated his net worth at $7.2 billion.
“Dr. Patrick Soon-Shiong is keenly aware that AEG is in play,” his representative, Chuck Kenworthy, said in a statement quoted by the Los Angeles Times. He expressed admiration for AEG and its efforts to revitalize downtown Los Angeles.
“We clearly are interested in furthering this legacy for Los Angeles,” Kenworthy said.
AEG is behind the effort to build a downtown stadium and lure a National Football League team back to Southern California. The company also owns Staples Center, the adjacent L.A. Live entertainment complex, the Stanley Cup champion Los Angeles Kings, Major League Soccer champion L.A. Galaxy, a minority stake in the Lakers, London’s O2 arena, Berlin’s O2 World arena and the world’s second-largest concert-promotion business.
“Given the success of the management team and employees in establishing AEG as one of the premier real estate development, live sports and entertainment platforms in the world, as well as the value AEG has created with the strategic assets that comprise its platform, this is an appropriate time to transition AEG to a new qualified owner,” Cannon Y. Harvey, president of the Anschutz Co., said Tuesday.
He said the sale process would not disrupt day-to-day operations, and Goldenvoice President Paul Tollett told The Desert Sun the promoter wouldn’t be affected by a sale.Other bidders could include Madison Square Garden Co., which owns the New York sports arena and the Knicks basketball team, sports consultant Marc Ganis told the Los Angeles Times. The company has already pushed westward, paying $23.5 million earlier this year to buy the Forum in Inglewood, and it has embarked on a $50 million renovation of the facility.
AEG also is expected to attract intense interest from private-equity firms, which could purchase the company intact and sell it off in pieces, the Los Angeles Times reported.