AEG's Anschutz wasn't 'desperate seller,' sports analyst says

AEG’s Anschutz wasn’t ‘desperate seller,’ sports analyst says

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Los Angeles Kings players celebrate the Stanley Cup after defeating the New Jersey Devils in Game 6 of the best-of-seven Final series at Staples Center in June. (Wally Skalij / Los Angeles Times)

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The L.A. Lakers travel past Staples Center during the team’s victory parade in June 2009. AEG holds a minority stake in the Lakers. (Al Seib / Los Angeles Times)

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Galaxy midfielder Landon Donovan shoots the ball over Dynamo goalie Tally Hall to score the game-winning goal in the MLS Championship at the Home Depot Center in November. AEG owns both teams. (Wally Skalij / Los Angeles Times)

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A spectator cheers on passing bicyclists along Figueroa Street in Los Angeles during the final leg of the Amgen Tour of California in May. (Genaro Molina / Los Angeles Times)

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Bree Macouced is sprayed with water while dancing during the performance of Inspired Flight on the third day of the Coachella Music Festival in April. The AEG Live unit shares ownership of the event with festival founder Paul Tollett. (Arkasha Stevenson / Los Angeles Times)

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Brad Paisley performs during the Stagecoach country music festival in April at the Empire Polo Fields in Indio. (Allen J. Schaben / Los Angeles Times)

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Gym Class Heroes performs at KIIS radio’s 2012 Wango Tango at the Home Depot Center in Carson in May. (Luis Sinco / Los Angeles Times)

By Chad Terhune

March 14, 2013 1:01 PM PT

Philip Anschutz wasn’t a “desperate seller” and bidders for his AEG sports and entertainment giant didn’t meet his price, a leading sports-business consultant said.

Marc Ganis, president of SportsCorp. in Chicago, said he wasn’t surprised that Anschutz called off the sale of AEG on Thursday. It was said that Anschutz was looking to sell AEG for $7 billion or more.

AEG: A look back

“Phil Anschutz is not a desperate seller,” Ganis said in an interview. “He is an incredibly smart and savvy businessman and the prospective buyers did not meet the number he was willing to accept.”

Ganis said Anschutz’s desire to sell AEG was primarily driven by financial issues with his holdings in commercial and residential real estate, which had been battered by the recent financial crisis and recession.

Ganis said both the financial and real-estate markets have begun to recover along with the general economy so those pressures on Anschutz may have subsided somewhat.

“The combination of the financial markets getting better and the real estate markets getting a little stronger likely played a role in him pulling it off the market,” Ganis said.

PHOTOS: AEG properties in Southern California

The other big news Thursday was the departure of AEG’s longtime chief executive, Tim Leiweke.

Ganis said he wasn’t surprised by the management shake-up and he said rumors of Leiweke’s exit had circulated for months prior to Anschutz putting AEG on the block last September.

Leiweke should have his pick of other high-profile jobs in the sports and entertainment field given his solid track record, industry experts said.

“I would expect Tim to fall on his feet as a CEO somewhere soon or he could use his experience to get an ownership position somewhere,” Ganis said.

ALSO:

AEG sale halted; Anschutz to retain control

AEG chief executive Tim Leiweke leaving post

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