Larry Ellison Wants to Be L.A.'s Sports Kingpin
Oracle CEO Larry Ellison is thinking about becoming the kingpin of the L.A. sports scene. He wants to be the man responsible, and rich enough, for bringing football back to the city of angels.
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A.E.G. owns the Staples Center as well as the L.A.'s basketball and hockey teams, the Lakers and Kings respectively. You can see how A.E.G. might fetch a nice sum on the open market. Philip Anschutz, current A.E.G. owner, decided to sell. Just after they got plans for Farmer's Field approved by L.A. City Council. Farmer's Field is A.E.G.'s planned football stadium in downtown L.A. The potential A.E.G. owner would, separately, have to purchase and relocate an NFL team to the city. There hasn't been football in LA since the Rams and Riders left in the early 1990s. A.E.G. is an opportunity to live out an Entourage storyline in real life.
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Reuters' Ronald Grover and Nadia Damouni report Ellison, who already fields his own sailing team, is considering throwing his hat in the ring. He recently freed up $4.9 billion of Oracle stock right around the time the A.E.G. sale was announced, and he told CNBC it was, "just in case I go shopping and something catches my eye." Bidding starts at $10 billion, so he's already halfway there. We think he can find a way to afford it. He already owns most of a Hawaiian island. Ellison will have to compete with L.A.'s richest man, healthcare executive Patrick Soon-Shiong, who is also reportedly interested.
