The Anschutz Entertainment Group, which has an ownership stake in the Staples Center, the Los Angeles Kings and the Los Angeles Lakers, is no longer on the market.
Denver billionaire Philip Anschutz announced Thursday that he has decided not to sell the entertainment giant and that he will assume an increased role in the company, the Los Angeles Times reported.
Anschutz had said in September that he was seeking bidders for AEG, which is part of The Anschutz Company, with a reported asking price of $8 billion. According to the Times, Dallas Mavericks owner Mark Cuban and Guggenheim Partners LLC, the Dodgers' ownership group, were among the potential interested investors.
AEG owns L.A. Live, a sports and entertainment district in downtown Los Angeles that includes the Staples Center, and other venues around the world.
"From the very 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 we would not sell the company," Anschutz said in a statement. "From the very first days of AEG, my vision has been to tie together world-class real estate development structured around entertainment venues with premium sports and live entertainment content."
AEG is a driving force behind the efforts to build Farmers Field, a downtown football stadium in Los Angeles that could be the future site of an NFL team if the city is able to lure a franchise.
Anschutz also announced that Tim Leiweke, the company's president and CEO since 1996, is leaving by mutual consent.