AEG and LA Live Are No Longer For Sale - and Tim Leiweke No Longer Has a Job

While Philip Anschutz taking the entire AEG international empire off the market is not a huge shock - after all he said he would only sell it if he got his price - and it was becoming apparent that wasn't going to happen. But for AEG President and CEO - and public face for AEG - Tim Lieweke to concurrently leave the company he had built - now that's a shock.  Particularly everyone seemed to think that whoever bought the company would keep him on.

On the other hand - maybe that's why he left - if he was the one who made that decision (though the phrase 'jointly decided to leave' makes it sound otherwise.  But maybe he was doing to be able to become a partner with one or more of the new owners and - when he saw that wasn't going to happen - resigned to find another opportunity with an ownership option.  And maybe it was a joint decision if Anschutz knew that while also knowing that he was not never going to give up a chunk of a family owned business - so he and Leiweke each realized now was best for  to go on his own

My two other immediate thoughts are this might make the NFL more like to agree to move a football team to Downtown LA - which would mean a new stadium and a newly enlarged convention center.  Second, there is a lot of money that was in a holding patter to see if it would get AEG - and some of that money might now decided to go into one of the pools to buy the LA Times.

Here is the opening of the KPPC post:  

Anschutz: AEG no longer for sale; Leiweke out

AP and Ed Joyce with Brian Watt | March 14th, 2013, 10:40am

Kevork Djansezian/Getty Images

Billionaire Philip Anschutz says he is pulling AEG off the market and the company that owns the Los Angeles Kings and the Staples Center is no longer for sale. Photo: Tim Leiweke, former president and CEO of AEG during an event announcing naming rights for the new football stadium Farmers Field at Los Angeles Convention Center on February 1, 2011.

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Billionaire Philip Anschutz says he is pulling AEG off the market and the company that owns the Los Angeles Kings and the Staples Center is no longer for sale.

Anschutz said in a statement Thursday that he had made clear that he wouldn't sell the company unless the right buyer came forward. He says he will resume a more active role in the company and Tim Leiweke, who has served as president and CEO since 1996  is leaving AEG "by mutual agreement," according to the statement. 

“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 endeavors," said Anschutz.

The statement said Anschutz, as Chairman of AEG, will resume a more active role in the Company, with a particular focus on the company’s world-wide strategy and operations.

Dan Beckerman will assume the position of President and Chief Executive Officer of the Company, according to the AEG statement. Mr. Beckerman joined AEG over 15 years ago and previously served as the Chief Financial Officer and Chief Operating Officer.

The sports and entertainment company was expected to fetch billions of dollars.

AEG's holdings also include the Los Angeles Galaxy, part-ownership of the NBA's Los Angeles Lakers, and major entertainment and real estate holdings in Los Angeles.

AEG also is spearheading a stadium proposal to bring back a professional football team to Los Angeles.

“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” said  Anschutz.

More and the press release from AEG here.