LA Galaxy parent company AEG no longer up for sale, Leiweke leaving AEG by mutual agreement

14 March 10:56 am

LA Galaxy parent company AEG no longer up for sale, Leiweke leaving AEG by mutual agreement

By Adam Serrano

There will be no change in ownership for the LA Galaxy as The Anschutz Company announced on Monday that it will retain ownership of Anschutz Entertainment Group and terminate any sales process. But that does not mean there will not be any change at the top.

Chairman of AEG Phillip F. Anschutz will be taking a more active role in the company. Meanwhile, AEG President and CEO Tim Leiweke will be leaving the company by mutual agreement. Dan Beckerman, who has been with AEG for 15 years and has previously served as their Chief Financial Officer and Chief Operating Officer will be taking over for Leiweke. 

Leiweke leaves quite the legacy in MLS as he was instrumental to helping the Galaxy acquire the likes of David Beckham and Robbie Keane. 

“We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the Company. We wish him well in his new endeavors,” Anschutz said in a press release.  

With AEG officially off the market, Anschutz, who has been a major investor in MLS since the league's inception was quick to reiterate his commitment to the growth of his company. 

“From the very beginning of the sales process, we have made it clear to our employees and partners throughout the world that unless the right buyer came forward with a transaction on acceptable terms we would not sell the Company” said Anschutz, Chairman and Chief Executive Officer of the Anschutz Company in a press release. “From the very first days of AEG, my vision has been to tie together world class real estate development structured around entertainment venues with premium sports and live entertainment content. In recent years we have developed related businesses to further promote and enhance the performance of AEG’s facilities for the benefit of our partners, including our sponsors, artists, consumers and the communities in which we operate. The Company’s operations will continue to be run by AEG’s experienced senior executive team, most of whom have been with AEG for over a decade. We will continue to set the standards in the industries in which AEG operates, bringing our unique vision and development model to entertainment locations throughout the world.”

Beckerman, who will take over for Leiweke as AEG's President and CEO offered these thoughts. 

“Phil’s active reengagement in the operations of the Company has brought a renewed spirit and passion to the management team’s focus on AEG’s next steps” Beckerman said in a statement. “The Company has a number of interesting business opportunities, and the expertise of the management team and our 26,000 employees around the world will allow us to select those prospects that best enhance the Company’s performance. Priority projects going forward include the development of Farmers Field adjacent to our L.A. Live campus and the pursuit of our plan to bring the NFL back to Los Angeles, our recently announced initiative to collaborate with MGM to build a new arena in Las Vegas, the acquisition of ownership stakes and the associated refurbishment of several major global arenas in Europe and our ongoing investment in AXS.com, our ticketing and e-commerce platform, as we expand its capabilities for the benefit of our venues, partners, performers and consumer end-users.”

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