According to the Sports Business Journal Tim Leiweke is leaving AEG. The biggest figure in LA sports not named Vin Scully is leaving LA it seems as well. And AEG it seems is being taken off the market, as owner Phillip Anschutz is not retiring after all. The implications for how this shakes up sports in LA are endless. But today’s reaction is WOW. and today’s question is Why?
AEG President and CEO Tim Leiweke will be leaving the company
— Reuters Top News (@Reuters) March 14, 2013
Leiweke, who has been in his current position as President and CEO since 1996, was just named the LA Sports Council Executive of the Year. His longevity and stature make it clear that this is not a performance based decision. Leiweke was the heir apparent to Phillip Anschutz, and headed the incredible fast growing entertainment empire, AEG. When AEG was surprisingly announced it was up for sale, it seemed like it would be business as usual at AEG because Tim Leiweke would more than likely be asked to stay on with the new owners as the CEO.
Now Leiweke is leaving AEG. The company has been taken down from auction. And Phillip Anschutz will continue running the company and not retire.
It’s only speculation, but if Anschutz decided to come back, re-assert himself in the picture, and take AEG off the market, Leiweke could have seen this as a vote of no confidence in himself. Leiweke’s stock has never been higher, as he is a very visible and vital piece in sports and entertainment especially in LA, but worldwide really. If he wasn’t going to get the throne, he took this opportunity to find a new castle. More details are sure to come.
How will this effect sports in LA Hubsters?