Anschutz Sells Stake in U.S. Soccer's Chicago Fire to Andell
06/09/2007 |
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Denver billionaire Philip Anschutz has sold his interest in Major League Soccer's Chicago Fire for an undisclosed price to Andell Holdings.
AEG, the unit controlled by Anschutz, made the sale because it owns other teams and wanted to reduce the number of teams it operates, Chief Executive Officer Timothy Leiweke said in a statement. AEG also owns soccer teams in Houston and Los Angeles. A preliminary agreement had been reached in July.
Major League Soccer is betting that its growth, aided by the fan appeal of English soccer star David Beckham who joined the Los Angeles Galaxy, will convince entrepreneurs to invest in new franchises.
The 13 major league soccer teams could appreciate in value faster than teams in other sports, according to experts such as Randy Campbell, managing director at investment bank Societe Generale in New York who scouts sports-business opportunities for clients. The league tripled its franchise fee, the entry charge for new teams, to $30 million in the last year alone.
Andell is owned by Andrew Hauptman and his wife Ellen Bronfman Hauptman, granddaughter of Samuel Bronfman, who founded the company that became Seagram Co. Andell's Web site says some of the firm's past and present holdings include Vivendi SA, Koor Industries Ltd. and SunOpta Inc.
(Source: Bloomberg.com)
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