Sprint Center owner AEG announces the entertainment group is for sale

KANSAS CITY, Mo. - The operator of the Sprint Center, AEG , is up for sale, leaving many wondering what that will mean for the future of the successful entertainment venue.

There is no official statement on how close AEG, the second largest entertainment group in the country, is to a sale, but insiders speculate the sale could be in the billions of dollars. The LA Times is reporting a biopharmaceutical mogul is in the mix of possible interested buyers.

So what does all of this mean for one of Kansas City's best entertainment experiences?

Attorneys who helped negotiate the city's agreement said a sale is not expected to change AEG'S 35 year contract to run the Sprint Center.

"No change in any of that. Things will not change," said Herb Kohn, with Bryan Cave law firm.

In 2007, AEG provided $54 million in private financing for the Sprint Center. It continues to help the city pay off its $222 million obligation.

The deal has attracted profits large enough for AEG to share part of its revenue with the city; about $2 million on average a year.

Mayor Sly James said the money helps the city.

"It goes to the general fund," James said. "They help offset other debts."

Kohn said the high-profile acts, the financial agreement, AEG's 35 year commitment to Kansas City and its pursuit to land the arena an anchor tenant will all remain no matter who buys AEG.

"I don't anticipate any changes, but rest assured, we'll take a hard look at it to know for sure," James said.

Sprint Center customers like Wesley Manning said that's good news because he has big plans for the future.

"Justin Bieber is going to be here," Manning said. "Everyone's excited here."