Even in an industry filled with energetic, motivated and travel-weary executives, it would be hard for anyone to match AEG Chief Executive Tim Leiweke’s itinerary in the last year, much less his list of accomplishments. From his home base in Los Angeles to Beijing and many points in between, Leiweke was constantly on the move, making deals that were both brash and bold.
His flashiest move was bringing British soccer star David Beckham to Los Angeles to play for the MLS Galaxy. That required more than just writing a big check. AEG’s partners in MLS first had to be convinced that creating salary room for international superstars would be good for the league. It was, even though Beckham was hampered by injuries and didn’t live up to expectations on the field.
Leiweke’s boldest move was opening an arena and entertainment district in London on the site of a project that once represented one of the British government’s most high-profile failures. AEG turned what used to be an underutilized, turn-of-the-century expo into one of the world’s hottest sports-and-entertainment facilities, even though it, like AEG’s new Sprint Center in Kansas City, has no anchor tenant.
“There’s no question that The O2 in London is the best thing that we as a company have done,” Leiweke said. “That was a project that almost everyone believed we would fail at. Instead, it’s turned out to be the busiest and most successful arena in the world.”
Along with those two deals, AEG continued development of L.A. Live, the $2.5 billion city-within-a-city in Los Angeles. The Nokia Theater opened to join the well-established Staples Center, and, in June, ground was broken for a 54-story, $900 million hotel and condominium complex, a project that caused even the ever-confident Leiweke to wring his hands.
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Leiweke became the youngest general manager in pro sports at age 24 with the Major Indoor Soccer League’s Baltimore Blast.
“Considering that owning a hotel is not our core business, and the fact that we’re doing all of the financing for it, clearly that was the riskiest thing we’ve done,” he said. “We lost the most amount of sleep over that.”
Also on Leiweke’s long list for the year, he helped spearhead a Los Angeles Olympic bid that, while unsuccessful, was still regarded as an impressive effort; signed AEG to manage the Prudential Center in New Jersey and announced plans for a 20,000-seat arena in Las Vegas; and made a deal with the NBA to run a string of sports arenas in China. In the meantime, AEG’s live entertainment division continued to grow, giving the company access to an increasing number of events and entertainment options, both for its own arenas and for the growing list of facilities it manages around the world.
It was a year that continued a run of change and accomplishment that draws admiration throughout the industry.
Leiweke’s leadership and vision is a big reason for successful collaborations between AEG and ESPN, said George Bodenheimer, president of ESPN and ABC Sports, whose company is building a production studio at L.A. Live.
“Tim brings an amazing passion for his work,” Bodenheimer said, “and an incredibly sharp business mind.”
Added NHL Commissioner Gary Bettman, who sent two teams to The O2 in London to open the league’s 2007-08 season: “Few sports executives today can match Tim’s vision, his sophistication and his ability to bring the future to the present. He dominates incredible challenges with apparent ease. Nobody does it better.”
Bold moves, like bringing David Beckham to America and opening The O2 in London.
