Late last night, there was a report that surfaced which shocked many Los Angeles Kings fans. Anschutz Entertainment Group, who owns the Kings, the Staples Center, the Los Angeles Galaxy of Major League Soccer among others, is up for sale. This news came from AEG’s parent company, Denver-based Anschutz Co.
In addition to the aforementioned, AEG possesses part-ownership of the NBA’s Los Angeles Lakers and owns major entertainment and real estate holdings in downtown Los Angeles. AEG has been proactive in their attempt to bring the National Football League back to the City of Angels. The league has been without a team since saying goodbye to both the Raiders and the Rams in 1995. Since a new football stadium downtown was proposed by AEG, the NFL’s future in Los Angeles is now uncertain depending on how this sale goes.
It is a safe bet to say that AEG’s sale could be well into the billions but as of now, we’ll just have to see how everything plays out.
The collective reaction among Kings fans isn’t the most positive. Fresh off the news of the now-official lockout, fans aren’t too happy to hear that the owners of their championship club and their residence may reached the end of their tenure. At this point, though, it is too early to panic. AEG may be up for sale but that doesn’t necessarily mean that they’ll be sold.
Others may worry that should AEG be sold, the Kings might move away from Los Angeles. While I can understand the concern as relocation is realistic with the sale of any sports franchise, it’s not quite practical to be worry about that just yet.
While no one is certain how long the wheels have been in motion to sell AEG, there is still a long way to go and we will see how events play out as they happen. Until then, I really don’t believe there’s much need to worry.
So, there you have it: AEG is now on the market.