Anschutz selling LA's AEG

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LOS ANGELES, Sept. 19 (UPI) -- Anschutz Entertainment Group, which owns the Staples Center and is pushing a high-priced stadium project in Los Angeles, is for sale, its parent company said.

Anschutz Co. said Tuesday it was seeking a buyer for AEG, which also owns the Los Angeles Kings and Galaxy.

There was no official word on a price tag or a potential buyer; however, Billboard.biz reported Anschutz was asking $7 billion and several interested parties had expressed interest. The Los Angeles times said a bidding war was a possibility for the company that has become a cornerstone of the city's professional sports landscape.

Anschutz Co. President Cannon Harvey said in a written statement AEG had reached a high-water mark in value.

"Given the success of the management team and employees in establishing AEG as one of the premier real estate development, live sports and entertainment platforms in the world, as well as the value AEG has created with the strategic assets that comprise its platform, this is an appropriate time to transition AEG to a new qualified owner," Harvey said.

AEG's Staples Center is home to the Kings and the NBA's Los Angeles Lakers and Clippers. The arena and the adjacent Los Angeles Convention Center was the catalyst for the L.A. Live entertainment complex.

AEG is also spearheading a plan to build a football stadium in the same area that would host an NFL team and provide spillover space for the convention center. The proposed Farmers Field stadium has not yet secured an NFL team but has made steady progress through the city approval process.