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City officials say AEG sale won't affect the future Farmers Field

By Hayley Fox
Published: Wednesday, September 19, 2012, at 10:03AM
Farmers Field Updated Design Gensler / ICON Venue Group / AEG

A rendering of the future Farmers Field, which city officials insist won't be affected by the sale of AEG.

Anschutz Entertainment Group (AEG), owner of the Staples Center, L.A. Live and other sports and entertainment ventures, announced it was up for sale on Tuesday -- and city officials were quick to assure the public this wouldn't affect the future of the Farmers Field football stadium AEG was building.

Mayor Villaraigosa said he has been in communication with AEG's owner and CEO and has known about the "potential sale" for "some time."

"I have worked with both Philip Anschutz and Tim Leiweke for years to bring a football team to Los Angeles," said Mayor Villaraigosa in a statement on Tuesday. "I have the commitment from both of them that this sale will not affect plans for an NFL team to return to Los Angeles in the near future and will not affect my support for moving ahead with Farmers Field and the Convention Center site."

Since 2010, Councilwoman Jan Perry has served as the Chair of the Ad Hoc Stadium Committee and has overseen the development of Farmers Field and the modernization of the convention center. She said through a "transparent and thoughtful" process, the City has worked to ensure the projects will protect taxpayers while working to "bring world-class conventions, tourism dollars, and revenue to the city" -- in addition to more than 20,000 new jobs.

"Anyone stepping in to lead AEG will be held to the same understanding that we have established,” Perry added.

She went on to say: “To date, the City has been assured by its Counsel that we have a deal in place that will accomplish our goals and, as Chair of the Committee overseeing this transaction, I will stand behind our commitment to fully protect the City’s interests."

KPCC reports that in addition to sports teams and venues across the world, AEG's concert promotion business, AEG Live, is the second-largest promoter in the U.S. -- and has massively successful festivals like Coachella on their roster, making a company such as AEG possibly worth billions.

AEG will be working with Blackstone Advisory Partners on the sale, the same company that handled the $2 billion sale of the L.A. Dodgers.

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