O’Melveny Advises Todd Boehly In Acquisition of Minority Interest in the Los Angeles Lakers

FOR IMMEDIATE RELEASE

LOS ANGELES—July 9, 2021—O’Melveny advised Todd Boehly, Co-Founder, Chairman and CEO of the Eldridge holding company, in his acquisition of a minority interest in the Los Angeles Lakers NBA franchise.

The transaction was announced July 9 and has been approved by the Board of Governors of the NBA.

Boehly joined Mark Walter, Co-Founder and CEO of Guggenheim Partners, in the acquisition. Together, Boehly and Walter now control the 27% minority interest in the Lakers formerly controlled by AEG owner Phil Anschutz.

Boehly will be joining the Los Angeles Lakers Board of Directors, representing the interests of both Walter and Boehly.

Boehly and Walter are fixtures in the professional sports world. The pair are co-owners of the WNBA’s Los Angeles Sparks, as well as co-owners of the Los Angeles Dodgers Major League Baseball franchise.

“It is a pleasure to work with Todd as he takes this exciting step to help lead the iconic Los Angeles Lakers,” said O’Melveny partner and Sports Industry Group co-chair Charles (Chuck) Baker, who is leading the firm’s work for Boehly, along with O’Melveny counsel Eric Geffner.

“With Todd and Mark joining the ownership group, the Lakers will undoubtedly continue to be recognized among the NBA’s most acclaimed and successful franchises,” added Geffner.

In addition to Baker and Geffner, the O’Melveny team representing Boehly also included partner Alex Anderson and associates Dawn Lim and Luisa Lizoain.

O’Melveny’s Sports Industry Group handles many of the legal matters that draw coverage in sports pages everywhere—billion-dollar acquisitions and dispositions of professional sports teams; cutting-edge media and licensing arrangements; stadium development, financings and naming rights; sponsorships and endorsements; strategic joint ventures; and high profile litigation and other disputes.

About O’Melveny

It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com or learn more in our firm at-a-glance, annual report, and on LinkedIn, Twitter, Facebook, Instagram, and YouTube. Visit The Boardroom for our insights on pressing issues facing global corporations.

Contact:

Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218
crieck@omm.com

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AEG issued the following release via Business Wire:

AEG ANNOUNCES SALE OF PHIL ANSCHUTZ’ MINORITY INTEREST IN LOS ANGELES LAKERS TO LOS ANGELES DODGERS OWNERS MARK WALTER AND TODD BOEHLY

July 09, 2021 04:33 PM Eastern Daylight Time

LOS ANGELES--(BUSINESS WIRE)--AEG, the world’s leading sports and live entertainment company, announced today that Los Angeles Dodgers owners, Mark Walter and Todd Boehly, have acquired Phil Anschutz’ 27% minority interest in the Los Angeles Lakers. The transaction has been approved by the Board of Governors of the NBA.

“Since we first acquired the interest in the Lakers 25 years ago, the Buss family and the entire Lakers organization have been true partners in every way, and we couldn’t be more appreciative,” said Dan Beckerman, President and CEO of AEG. “Our relationship with the Lakers has always been and will continue to be important to AEG. We share a vision and commitment to delivering the best experiences to Lakers fans, and we remain strongly invested in the franchise's long-term success. We are confident that with Jeanie as the team’s Controlling Owner, the Lakers will continue to be the gold standard in the NBA. Mark Walter and Todd Boehly are great additions to the ownership group, and we look forward to partnering with them for many years to come.”

“We’ve had the opportunity to get to know Mark and Todd through their ownership of the WNBA’s Los Angeles Sparks and welcome them to the Lakers’ family,” said NBA Commissioner Adam Silver. “We thank Phil Anschutz and AEG for their long tenure as minority owners of the Lakers and are pleased that they will remain an important partner to both the Lakers and the league through their ownership of Staples Center and numerous other basketball arenas around the world.”

“For more than two decades, AEG and Phil Anschutz have been incredibly supportive partners, and this transaction is additive as we are welcoming two new visionary and respected leaders in the sports and business sectors,” said Tim Harris, President of Business Operations for the Los Angeles Lakers and Alternate Governor. “Our long-standing relationship with AEG will not change, and we look forward to another 20-plus years of our great partnership. We welcome Mark and Todd with open arms as we continue along our journey.”

Boehly will be joining the Los Angeles Lakers Board of Directors, representing the interests of both Walter and Boehly.

Walter owns businesses in many sectors including Financial Services, Commercial Real Estate, Renewable Energy and Infrastructure, Media and Entertainment and Insurance, among others. Walter is the Co-founder and CEO of Guggenheim Partners, a privately held global financial services firm with more than $290 billion in assets under management and also is the Chairman of the Los Angeles Dodgers Major League Baseball franchise.

“The Los Angeles Lakers are one of the most successful and admired franchises in sports history,” said Walter. “I have watched the organization grow under Jeanie’s leadership and couldn’t be more excited to partner with her and the entire management team. I am committed to supporting the franchise’s iconic status by continuing to bring together culture, community and entertainment to Lakers’ fans.”

Boehly is the Co-founder, Chairman and CEO of Eldridge, a holding company that invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media, Real Estate, and Consumer landscapes and he is part-owner of the Los Angeles Dodgers Major League Baseball franchise.

“The Los Angeles Lakers have built and sustained a championship culture that has inspired fans around the world,” said Boehly. “Mark and I know first-hand the commitment and energy required to achieve such success both throughout the organization, and vitally, from the fans across the great City of Los Angeles. I am thrilled to join the Lakers ownership group, supporting Jeanie and the organization’s vision, as the franchise builds on its storied history and commitment to community.”

ABOUT AEG

Headquartered in Los Angeles, California, AEG is the world's leading sports and live entertainment company. The company operates in the following business segments: Facilities, which through its affiliation with ASM Global, owns, manages or consults with more than 300 preeminent arenas, stadiums, convention centers and performing arts venues around the world; Music through AEG Presents, which is dedicated to all aspects of live contemporary music performances, including producing and promoting global and regional concert tours, music and special events and world-renowned festivals such as the Coachella Valley Music and Arts Festival; Real Estate, which develops world-class venues, as well as major sports and entertainment districts like STAPLES Center and L.A. LIVE, Mercedes Platz in Berlin and The O2 in London; Sports, as the world's largest operator of high-profile sporting events and sports franchises including the LA Kings, LA Galaxy and Eisbären Berlin; and Global Partnerships, which oversees worldwide sales and servicing of sponsorships including naming rights, premium seating and other strategic partnerships. Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts, AEG entertains more than 160 million guests annually. More information about AEG can be found at www.aegworldwide.com.