AP News

News Summary: AEG sale muddies LA sports future


ON THE BLOCK: The owner of the Staples Center arena, the NHL's Los Angeles Kings, Major League Soccer's LA Galaxy and a stake in the LA Lakers said it was "commencing a process" to sell subsidiary Anschutz Entertainment Group, raising big questions about the company's central role in courting the NFL's return to Los Angeles with Farmers Field, a planned downtown stadium going through late-round approvals with the city.

SHOOTING STAR?: The stadium overcame a major hurdle last week when the city's planning commission unanimously recommended that the city council approve its environmental impact report. The council will take up the issue on Sept. 28.

QUESTIONS: It wasn't immediately clear how far along Denver-based Anschutz Co. is in the sale process, or whether it has entertained any offers. The price for AEG could be well into the billions. The company said that it has hired as financial advisers the Blackstone Group, which recently managed the sale of the Los Angeles Dodgers to a group that includes former Lakers star Magic Johnson.


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