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SBD Global/March 15, 2013/FinancePrint All
The Anschutz Company Thursday announced that it is halting the sale process of AEG and that AEG President & CEO Tim Leiweke will be leaving the company. AEG Chair Phil Anschutz will take a more active role in the company's worldwide strategy and operations, with Dan Beckerman taking the President & CEO position. Leiweke had served as President & CEO since '96. Other personnel moves are as follows:
- Ted Fikre will assume the title of Vice Chair while continuing as Chief Legal & Development Officer. He also will assume responsibility for AEG’s Governmental & Media Relations.
- AEG Europe President & CEO Jay Marciano will relocate from London to L.A. to assume the role of AEG COO.
- Todd Goldstein, recently elevated to Chief Revenue Officer, will continue in that role.
- Anschutz Co. Exec VP Steven Cohen will serve as AEG’s Chief Strategic Officer while retaining his role at the parent company (Anschutz Co.).
F1 co-owner CVC Capital Partners Ltd. is "rankling smaller teams as the buyout firm cashes in on its investment in the auto racing series," according to Alex Duff of BLOOMBERG. CVC began selling its 63.4% stake last year after "setting new terms" with Red Bull, Ferrari and McLaren. Those teams, "the three most successful over the last 15 years," share in $180M of signing-on payments and each get a seat on the board of the series. At the other end of last season’s 12-team standings, Spain’s HRT team folded and Marussia "has not agreed to terms" for the '13 season. Force India Deputy Dir Robert Fernley said that giving the most powerful teams a more favorable deal is a “disaster” because it discourages new investment in F1. Fernley: "CVC is not interested in developing the sport, it’s interested in making as much money as possible and then selling it." CVC partner Donald Mackenzie said that the buyout firm "expects to make as much as $7 billion." CVC spokesperson James Olley "declined to comment." In '11, CVC oversaw capital spending of 0.3% of revenue, "which was mainly spent on TV production equipment," according to the IPO prospectus. Fernley said, "You need to have an investor who gets a good return but one that also has an interest. CVC has milked it and anyone investing in it should be looking very closely at what they’re getting” (BLOOMBERG, 3/13).