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AEG no longer for sale, Tim Leiweke steps down as President and CEO

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Tim Leiweke has been the only CEO Anschutz Entertainment Group has known, but he steps down today as AEG is taken off the market.

Jayne Kamin-Oncea-USA TODAY Sports

Big news broke on the business side of things this morning, as AEG announced that Tim Leiweke will be stepping down from his role as president at CEO of AEG a role he's held since 1996. The announcement comes coupled with news that AEG is no longer on the market, and that the auction has been terminated.

Anschutz Entertainment Group was founded in 1996 when Philip Anschutz invested in the Colorado Rapids. The previous year Anschutz had purchased the Los Angeles Kings out of bankruptcy court. Much like recently happened with the Los Angeles Dodgers, when the Kings passed from Jerry Buss to Bruce McNall they got an owner who made a spalshy move but ultimately bankrupted the team.

With two teams Anschutz Corporation spun off AEG and to date Leiweke has been the company's only CEO. He's the force behind David Beckham coming to Los Angeles, on Robbie Keane joining the Galaxy. When folk like Grant Wahl talk about the Galaxy having a nine figure franchise value, Leiweke was the man at the helm.

Philip Anschutz has shown up to accept the LA Galaxy's two recent MLS Cups, but otherwise the money behind the franchise has been essentially absent with Leiweke speeking for him. His statement in the press release read: "We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the Company. We wish him well in his new endeavors" (link).

The release says Dan Beckerman will take over the role of President and CEO. He has 15 years of experience with AEG, previously serving as the Chief Financial Officer and Chief Operating Officer.

AEG has plenty of announcements to make in the near future with the soccer stadium renaming and the future third DP announcement the two biggest for the Galaxy. We'll see if Beckerman can have the presence Leiweke had with LA.