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SBD/September 21, 2012/Facilities
AEG Sale Could Help Or Hinder Farmers Field Stadium Project In L.A.
Published September 21, 2012
JUST ONE FACTOR: Former Dodgers Vice Chair Steve Soboroff, who was “instrumental in working with AEG to build Staples Center,” said that the Dodgers’ sale for $2.15B was not “the key factor in AEG’s decision, though certainly a factor.” Soboroff said, “They feel the stars are in alignment, that the timing was right for them.” He added, “I believe the new buyer probably will have more of a penchant, passion for football and less for soccer than Phil. From that perspective, depending on who the new owner is, it’s probably a positive" (L.A. TIMES, 9/21).
COMBINATION PLATTER: In N.Y., Michael De La Merced cited sources as saying that AEG’s “combination of real estate, entertainment and event promotion” is what has “so many would-be buyers salivating.” The sources “describe the model as a ‘virtuous circle’ that draws in income from rents, ticket sales, sponsorships and many other sources.” It also is “what makes valuing the company so daunting” (NYTIMES.com, 9/20). REUTERS’ Jeffrey Goldfarb wrote, "The privately held Anschutz portfolio is packed with trophy assets," which makes it “more like a blend” of MSG, which trades at "30 times expected earnings next year,” and EPL club Manchester United (REUTERS, 9/21).