Galaxy may get new owner as parent company put on sale
The LA Galaxy could soon have a new owner.
The Anschutz Co. announced on Tuesday night that it will seek a buyer for AEG, the subsidiary that counts the Galaxy among its global sports and entertainment empire that also includes the Home Depot Center, downtown LA’s Staples Center and a 50 percent stake in one of its tenants, the NHL’s Los Angeles Kings.
There was no timeframe given for the transaction nor any indication of how far along the conglomerate is in the process.
Philip Anschutz, the Denver-based magnate behind both AEG and the Anschutz Co., has been involved in Major League Soccer since its inception and at one time had ownership of six franchises. AEG still owns the Galaxy and half of the Houston Dynamo. A sale would mark the first time in league history that Anschutz would not be involved in club ownership.
“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,” Anschutz Co. president Cannon Y. Harvey said in a statement.
In addition to AEG’s Los Angeles-area holdings, the company also owns and operates more than 120 music and sporting venues around the world, including in Europe, Asia and Australia.