Billionaire Philip Anschutz has scrapped plans to sell his sports and entertainment empire, AEG, after bids came up short.
“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 yesterday.
The company also announced that Tim Leiweke, the president and CEO, is leaving by “mutual agreement.” Anschutz added that he would resume a more active role in the company.
The Post first reported Feb. 22 that two bids came in at the low end of the expected price range and well below the company’s sticker price of $10 billion.
Guggenheim Partners and Qatar Sports Investment, in a partnership with Tom Barrack’s Colony Capital, offered less than $7 billion for AEG.
Leiweke will be replaced by Dan Beckerman, the company’s chief financial officer.
Jay Marciano is moving from his post in charge of AEG Europe to Los Angeles to be chief operating officer.
The sale process, conducted by Blackstone, was a way for Leiweke to cash out. He holds a sizable stake in the privately held venture, sources say.
Leiweke was willing to stay in his post under new management but quit when the sale was called off.
“Phil made promises to Tim and then he pulled the rug out from under him,” one source said.
AEG’s assets include Staples Center in Los Angeles and the LA Kings as well as other sports teams.
Leiweke declined to comment on the reasons for his departure.
His exit throws into question AEG’s plans to bring an NFL team to Los Angeles. He has been handling negotiations with city leaders over luring a team and building a stadium downtown.