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03-02-2013, 05:54 PM
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Ziggy Stardust
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Kings/AEG Sale Coming in a Few Weeks

http://news.yahoo.com/anschutz-could...174715830.html

Quote:
Colony Capital LLC, Guggenheim Partners LLC and Los Angeles biotech billionaire Patrick Soon-Shiong made second-round bids in February for AEG and remain in discussions about a potential deal, the people said.

The bidders have all submitted non-binding offers of under $7 billion (4 billion pounds) for AEG's assets, including sports teams, arenas and a music touring business. Colony Capital would bid along with Qatar's sovereign wealth fund.

The bidders and AEG are about $1 billion apart on price, according to one of the people, although a disparity is not unusual with companies that own sports teams, which are difficult to value.

Anschutz's adviser, Blackstone Group LP , is looking for a price in the high single-digit to low double-digit billions, the people said.

The current bidders could yet team up to increase the size of their bids, though Anschutz and his advisers must approve any change in ownership groups, the people added. No decision has been made on how an ownership group would be structured, that person said.

Anschutz, whose company controls the National Hockey League's L.A. Kings and two Major League Soccer teams, would be required to go to U.S. sports leagues for approval once preferred bidding groups are identified.

It is possible that more than one party could be presented to the leagues for approval, one of the people said.

The leagues will vet potential buyer groups for legal or other issues that would make individuals unfit to own a team under its rules, and would also assess a buyer's financing, according to Marc Ganis, president of Chicago-based sports consultancy SportsCorp.

"It's hard to see bidders like this not being approved, but it can happen," said Ganis.

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