LOS ANGELES, Calif. – Billionaire Philip Anschutz said Thursday he is pulling AEG off the market and the company that owns the Los Angeles Kings and the Staples Center is no longer for sale.
Anschutz said in a statement that he had made clear that he wouldn’t sell the company unless the right buyer came forward. He said he will resume a more active role in the company and Tim Leiweke, who has served as president and CEO, is leaving.
“We will continue to set the standards in the industries in which AEG operates, bringing our unique vision and development model to entertainment locations throughout the world,” Anschutz said.
The sports and entertainment company was expected to fetch billions of dollars. An email message left for AEG spokesman Michael Roth was not immediately returned.
AEG’s holdings also include the Los Angeles Galaxy, part-ownership of the NBA’s Los Angeles Lakers, and major entertainment and real estate holdings in Los Angeles.
AEG also is spearheading a stadium proposal to bring back a professional football team to Los Angeles.
The company transformed the Los Angeles landscape with the building of Staples Center and the later addition of the LA Live entertainment complex, helping to revitalize the city’s long-neglected downtown and bring new energy and several championships to its sports teams.