Soon-Shiong and Guggenheim Partners Look to Buy AEG

LA Kings May Soon Have A New Owner

9/25/12 in NHL   |   natsaar   |   160 respect

Jun 14, 2012; Los Angeles, CA, USA; General view of Los Angeles Kings fans at the Staples Center at the Los Angeles Kings victory celebration. Mandatory Credit: Kirby Lee/Image of Sport-US PRESSWIREThe NHL players may be locked out, but by the time they come back they may have a new owner.

The Los Angeles Kings are owned by AEG Entertainment, and Edward P. Roski, but that may soon change.

AEG is up for sale, and Patrick Soon-Shiong, LA's richest man according to Forbes, is looking to buy. In addition to being part owner of the Kings, AEG owns part of the Lakers, and over 120 sports and entertainment venues worldwide. 

Despite being worth $7.2 billion, Soon-Shiong, isn't looking to do this alone. He's set up an ownership group that includes the Guggenheim Partners, who are also part owner of the newly purchased Dodgers.

With the purchase of AEG comes the promise of LA's $1.2 billion NFL stadium as well. Things are looking up for Soon-Shiong and his group because he was seen in the box of Carolina Panthers ower Jerry Richardson last week.

If this bidding group wins, and they have more than enough money and public support to do so, they will own part of the Kings, Lakers, Sparks, Galaxy and the new NFL team. Guggenheim will also still have the Dodgers, so they'll have a hand in every major sports team in Los Angeles.

Guggenheim has clearly shown they'll take risks as owners with the signings they've made on the Dodgers. Soon-Shiong bought Magic Johnson's share in the Lakers so he's supported them for awhile and there's no reason to think he won't be as involved with all of his team, especially the Stanley Cup champs.

It seems like a perfect situation all around, but a monopoly of LA sports is sure to make some people uneasy.

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10/8/12   |   ML31   |   3675 respect

Does that mean the Kings will start spending a ton of money with terrible results like the Dodgers did?