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AEG management change follows aborted sale

AEG management change follows aborted sale
March 16, 2013

Dan Beckerman has replaced Tim Leiweke as President and Chief Executive of Anschutz Entertainment Group (AEG) after plans to sell the company, which owns and operates major sport and entertainment venue around the world, were scrapped on Thursday.

Last September, Phil Anschutz put AEG up for sale, but, as of this week, the billionaire businessman said that he had decided to take the company, which operates venues such as the Staples Center in Los Angeles and the 02 Arena in London, off the market.

Anshchutz will retain control of AEG and has appointed Beckerman to bring an end to Leiweke's 17-year spell at the helm.

Explaining the move Anshchutz stated "from the beginning of the sales process, we have made it clear to our employees and partners throughout the world that unless the right buyer came forward with a transaction on acceptable terms were would not sell the company.

"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 had been seeking at least US $8 billion for the business and, according to Reuters, rejected a US$7 billion bid from Colony Capital, Guggenheim Partners and Los Angeles billionaire Patrick Soon-Shiong in February.

In announcing that he would retain control, Anschutz said that he would take a more active role in running the company.

Leiweke was the main driver behind AEG's plans to lure a National Football League franchise to a new stadium in Los Angeles, but Beckerman said that the company intends to press ahead with plans to build a new stadium in the city.

Anschutz added "we appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the company. We wish him well in his new endeavours."

Operating in Australia and Asian markets, AEG Ogden is a joint venture between Australian interests and AEG Facilities.

For more information go to www.aegogden.com

14th November 2012 - AEG PARTNERS WITH EBAY

11th October 2012 - AEG SALE TO NET US$10 BILLION?

20th September 2012 - AEG FOR SALE: ANSCHUTZ COMPANY TO SELL SPORT AND ENTERTAINMENT DIVISION


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