Philip Anschutz, the billionaire founder of sports and entertainment company AEG, is reportedly selling his 27% ownership stake in the Los Angeles Lakers, according to Scott Soshnick and Eben Novy-Williams of Sportico.
Anschutz owns the second-largest stake of the team, with the Buss family owning 66%. The buyer in the deal is not yet known, and the deal is still pending approval by the NBA’s Board of Governors.
Anschutz’s share in the team also gives him the right of first refusal on any wider controlling sale, though it’s unclear if the buyer in the proposed deal would have the same.
AEG owns and operates the Staples Center, the home of the Lakers since its opening in 1999. The team recently extended its lease with the building through 2041.
The Buss family has owned the Lakers since 1979, when the late Jerry Buss purchased the team. Daughter Jeanie is now the controlling owner and team president.
Anschutz, 81, is the 133rd wealthiest person in the world with a net worth of $15.8 billion, according to Bloomberg’s Billionaire Index.
AEG Chief Executive Officer Dan Beckerman in an interview to Sportico said the proposed transaction “is part of some financial planning and redeployment of capital to other AEG projects and growth initiatives,” specifically mentioning venues, real estate, ticketing and live entertainment projects around the globe.
The plan is “expanding business lines and geography,” Beckerman said, declining to address how much the buyer has agreed to pay and at what valuation.
