Report: Kings owner thinking of selling franchise
While the Los Angeles Kings are busy in the Stanley Cup Final, the team owner may be looking to cash in on the team’s success and cash out while they’re riding high.
According to Josh Kosman of the New York Post, Kings owner Philip Anschutz is considering selling the franchise he’s owned since 1995 once the Cup Final is over. Anschutz Entertainment Group (AEG) has denied the report, however, but talk of selling the team isn’t new.
Anschutz attempted to sell AEG and all of its holdings back in 2012. Anschutz later called off the bidding on the team last spring and, then President and CEO, Tim Leiweke left the franchise and took the same job with the Maple Leaf Sports and Entertainment.
It’s believed the recent sale of the NBA’s Los Angeles Clippers for $2 billion is the inspiration for the latest talk of selling the Kings. Forbes listed the value of the Kings at $450 million in 2013.