Boxer, Real Estate Hotshot Sells Stake in Promotions Business
- May 09, 2008
Oscar De La Hoya, owner of real estate development company Golden Boy Partners, has entered into an agreement to sell shares in his Los Angeles-based boxing promotions firm Golden Boy Promotions to sports and entertainment venue developer and presenter AEG. As per terms of the deal, De La Hoya will remain majority shareholder in Golden Boy Promotions, and AEG will own the second largest interest in the company. By bringing AEG aboard, Golden Boy will be able to have a celebrated industry player as a partner in the global promotion of events in AEG’s arenas, as well as in the exploration of avenues of expansion in the promotions business. AEG is the owner and developer of some of the country’s most popular entertainment venues, including the STAPLES Center sports arena and the El Rey Theatre in Los Angeles, and NOKIA Theatre Times Square in New York City. Additionally, AEG owns The O2 in London, a 28-acre mixed-use development with a 20,000-seat arena and 650,000 square feet of leisure and entertainment space. Formed seven years ago by Oscar De La Hoya, Golden Boy Promotions has become one of the most active and successful boxing promoters in the United States. The company presents shows in venues around the country, as well as on leading networks such as ESPN, HBO and Showtime. De La Hoya’s real estate division, El Segundo, Calif.-based Golden Boy Partners, was formed in 2005 and focuses on developing residential, retail and entertainment properties in underserved Southern California urban communities. Los Angeles-headquartered AEG is a subsidiary of the Denver-based Anschutz Co. and holds the distinction of being the largest investor in entertainment and sports facilities–as well as the largest presenter of live sports and entertainment events–in the world.