That's quite a bit higher than initial estimates of between $6 billion and $8 billion and will likely limit the field of potential candidates. It also suggests that AEG owner Philip Anschutz is not about to hold a fire sale of the company, whose assets include the Staples Center, the Lakers, and concert venues around the world. From Reuters, which has the scoop:
The initial, 25-page AEG information memorandum that describes the business but has no financial information was expected to go to "dozens" of potential buyers on Monday, the sources said. The initial group of recipients is expected to include rich individuals, rivals, sovereign wealth funds, real estate firms, and private equity firms, they said. Anschutz is likely to start signing non-disclosure agreements and send out the books with financial details by the end of the month, the sources said.
A buyer would need to write a large check for the company, including their own cash and bank financing, which could make it necessary for bidders to form consortiums. There are no easy comparisons for potential buyers to draw on in valuing the company. What's more, Anschutz will need to get approvals from sports organizations such as the National Hockey League and the National Basketball Association to be able to transfer ownership of sports teams.