Purchase of Los Angeles Kings finalized; new owners, Philip F. Anschutz and Edward P. Roski Jr., committed to bringing championship hockey and new sports and entertainment facility to L.A

Business Wire, Oct 12, 1995

LOS ANGELES--(BUSINESS WIRE)--Oct. 12, 1995--The Los Angeles Kings Thursday announced the consummation of the sale of the Los Angeles Kings National Hockey League team to Majestic/Anschutz Venture L.P. (MAV).

MAV, owned by Philip F. Anschutz and Edward P. Roski Jr., acquired the team for $113.25 million from LAK Acquisition Corp.

``Now that the sale is complete, we can begin to focus on doing what it takes to bring a Stanley Cup victory to Los Angeles,'' commented Anschutz. ``We have what it takes, a new coach, talented players and the support of loyal fans.''

In addition to building a championship hockey team, the new owners are moving forward with plans to build a state-of-the-art sports and entertainment complex to be shared by the Kings and the Los Angeles Lakers.

``We're just beginning to explore site options for the world- class sports and entertainment complex,'' said Roski. ``The Kings, the Lakers and their fans deserve a new arena. And, as the entertainment capital of the world, Los Angeles needs a venue to showcase top-notch attractions.''

MAV expects to select a site for the new facility in the coming months, and hopes to have both teams playing there in four years. In the meantime, the Kings and Lakers will continue to play at The Great Western Forum.

Last month the board of governors of the National Hockey League unanimously voted to approve the sale of the Kings to MAV.

Ed Roski Jr. is president of Majestic Realty. Founded in 1948, Majestic Realty Co. is one of California's oldest and largest privately held real estate firms. Majestic maintains a portfolio of more than 22 million square feet with assets valued at more than $1 billion. Its developments are located in major markets throughout the United States.

Anschutz Properties, based in Denver, is the real estate arm of The Anschutz Corp., which has substantial interests in the natural resources, transportation, telecommunications and real estate industries. Philip Anschutz is president of The Anschutz Corp.

CONTACT: Marathon Communications

Sheila Gonzaga, 213/655-4660