Patrick Soon-Shiong, a Los Angeles billionaire, will lead an investment group in a bid to purchase the newly available Anschutz Entertainment Group, the notable sports and real estate company that owns Staples Center, according to a Reuters report.
Soon-Shiong's wealth is valued at over $7.2 billion. He is said to have united with a private equity firm, Guggenheim Partners, in a plan to make a bid for the corporation. Guggenheim recently led a group that included Magic Johnson in the successful sale of the Los Angeles Dodgers.
AEG controls the Los Angeles Kings in addition to Staples Center and over 120 other sports and entertainment venues around the world.
The news is significant because Soon-Shiong is a sports fan who owns part of the Los Angeles Lakers and is thought to be a major proponent of bringing a NFL franchise to Los Angeles, according to sources.
A former UCLA professor and surgeon, he started and sold two pharmaceutical companies for a combined $8.6 billon and is the wealthiest person in Los Angeles according to Forbes Magazine.
This story originally appeared on SBNation.com.