AEG No Longer for Sale, Leiweke Out

The Anschutz Entertainment Group is no longer for sale and longtime president Tim Leiweke is leaving the company “by mutual decision.”

“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,” Phil Anschutz said in a statement Thursday.

Dan Beckerman was promoted from COO and CFO to president, replacing Leiweke, who had been with AEG since 1996.

“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,” Anschutz added. “We wish him well in his new endeavors.”

Searching for a reported $8 billion asking price, AEG went up for sale in the fall with a portfolio that includes the Los Angeles Galaxy, Los Angeles Kings, a portion of the Los Angeles Lakers and more than three dozen stadiums across the world, including Staples Center and the Home Depot Center. Shockingly, nobody came close to coughing up the $8 billion asking price.

While we don’t know what impact Leiweke’s departure will have on getting a football team in Los Angeles, AEG made it point to say they will continue to push for Farmers Field.

“Priority projects going forward include the development of Farmers Field adjacent to our L.A. Live campus and the pursuit of our plan to bring the NFL back to Los Angeles, our recently announced initiative to collaborate with MGM to build a new arena in Las Vegas, the acquisition of ownership stakes and the associated refurbishment of several major global arenas in Europe and our ongoing investment in, our ticketing and e-commerce platform as we expand its capabilities for the benefit of our venues, partners, performers and consumer end-users,” Beckerman said in a statement.