Philip Anschutz

Philip Anschutz
Born Philip Frederick Anschutz
(1939-12-28) December 28, 1939
Russell, Kansas, U.S.
Residence Denver, Colorado, U.S.
Nationality American
Alma mater University of Kansas
Occupation Businessman
Net worth Increase US$10.1 billion (February 2016)[1]
Religion Evangelical Presbyterian
Spouse(s) Nancy
Children Christian (b. 1975)
Elizabeth (b. 1974)
Sarah (b. 1970)[2]

Philip Frederick Anschutz (/ˈænʃuːts/ AN-shoots; born December 28, 1939) is an American entrepreneur. Anschutz bought out his father's drilling company, Circle A Drilling, in 1961 and earned large returns in Wyoming. He has invested in stocks, real estate and railroads. He then began investing in entertainment companies, co-founding Major League Soccer as well as multiple teams, including the Los Angeles Galaxy, Chicago Fire, Houston Dynamo, San Jose Earthquakes, and the New York / New Jersey Metro Stars. Anschutz owns stakes in the Los Angeles Lakers, Los Angeles Kings, and venues including the Staples Center, The O2, London, and the StubHub Center. Anschutz also invests in family films such as The Chronicles of Narnia and Ray. Forbes ranks him the 38th richest person in the U.S. with an estimated net worth of $11 billion as of 2014.[3]

Life and career

Anschutz was born in Russell, Kansas, the son of Marian (née Pfister) and Frederick Benjamin Anschutz.[4][5] His father was an oil tycoon and land investor who invested in ranches in Colorado, Utah and Wyoming, and eventually went into the oil-drilling business. Carl Anschutz,[6] Anschutz's grandfather, an ethnic German who emigrated from Russia, started the Farmers State Bank in Russell, Kansas. Anschutz grew up in Russell, Wichita, and Hays, Kansas, where he lived near Bob Dole. In later years, Anschutz contributed to Dole's political campaigns. He graduated from Wichita High School East in 1957, and graduated with a bachelor's degree in business from the University of Kansas in 1961 where he was a member of the Sigma Chi Fraternity.[7] His first cousin was the fellow Russell native and long-time news anchor Wendall Anschutz.[8]

A member of the Evangelical Presbyterian Church, he is a conservative Christian.[7][9] He and his wife Nancy, whom he met when he was 16, have three children. Anschutz was inducted into the Kansas Business Hall of Fame in 2000[10] and the U.S. Business Hall of Fame in 2002.[11]

Anschutz is a somewhat reclusive man who prefers to stay out of the limelight. He has granted only two formal interviews since 1979, and none at all since the 1980s.[12][13] On December 5, 2015, Anschutz finally broke his media silence on mlssoccer.com. He did so because he was a co-founder of the league (Major League Soccer).

Land ownership

In 1970, Anschutz bought the 250,000-acre (1,000 km²) Baughman Farms, one of the country's largest farming corporations, in Liberal, Kansas for $10 million. The following year, he acquired 9 million acres (36,000 km²) along the Utah-Wyoming border. This produced his first fortune in the oil business.[14] In the early 1980s, the Anschutz Ranch, with its 1 billion barrel (160,000,000 m³) oil pocket, became the largest oil field discovery in the United States since Prudhoe Bay in Alaska in 1968. He sold an interest in it to Mobil Oil for $500 million in 1982.

For several years, Anschutz was Colorado's sole billionaire. With his acquisition of land in other Western states, he owns more land than most other private citizens in the United States.[15][16]

Anschutz then moved into railroads and telecommunications before venturing into the entertainment industry. In 1999, Fortune magazine compared him to the nineteenth-century tycoon J.P. Morgan, as both men "struck it rich in a fundamentally different way: they operated across an astounding array of industries, mastering and reshaping entire economic landscapes."

Rail and petroleum businesses

In 1984 he entered the railroad business by purchasing the Rio Grande Railroad's holding company, Rio Grande Industries. Four years later, in 1988, the Rio Grande railroad purchased the Southern Pacific Railroad under his direction. With the merger of the Southern Pacific and Union Pacific Corporation in September 1996, Anschutz became Vice-Chairman of Union Pacific. Prior to the merger, he was a Director of Southern Pacific from June 1988 to September 1996, and Non-Executive Chairman of Southern Pacific from 1993 to September 1996. He was also a Director of Forest Oil Corporation, beginning in 1995. In November 1993 he became Director and Chairman of the Board of Qwest, stepping down as a nonexecutive co-chairman in 2002, but remaining on the board. He has also been a Director for Pacific Energy Partners and served on the boards of the American Petroleum Institute, in Washington, D.C. and the National Petroleum Council in Washington, D.C.

In May 2001, the Bush administration upheld Anschutz's right to drill an exploratory oil well at Weatherman Draw, in south-central Montana where Native American tribes wanted to preserve sacred rock drawings. Environmental groups, preservationists, and ten Native American tribes had appealed the decision without success. In April 2002, the Anschutz Exploration Corporation gave up its plans to drill for oil in the area. They donated its leases for oil and gas rights to the National Trust for Historic Preservation, which has pledged to let the leases expire, and the Bureau of Land Management said it had no plans to permit further leases there, and would consider formal withdrawal of the 4,268 acre (17 km²) site from mineral leasing in its 2004 management plan. In recognition for its preservation efforts, The National Trust for Historic Preservation presented its President's Award to the Anschutz Exploration Corp.[17]

In May 2003, New York Attorney General Eliot Spitzer reached a settlement with Anschutz after the AG filed a civil complaint accusing Anschutz of accepting IPO shares from Salomon Smith Barney in exchange for his firm, Qwest's, investment banking business. He continued to vehemently deny any wrongdoing but volunteered to donate a total of $4.4 million to settle the case as long as he selected the recipient organizations in advance.[18] Anschutz paid $100,000 to each of 32 New York nonprofit philanthropic groups that he selected, as well as $200,000 to each of six law schools he also pre-selected. In return, Spitzer dropped his civil suit.[19] The payment was roughly equal to his profit from the practice of IPO "spinning", thus he actually suffered no penalty. The controversial suit by Spitzer was panned in a Wall Street Journal editorial headlined, "The Anschutz Ransom".[20] The U.S. Securities and Exchange Commission and the U.S. Department of Justice extensively investigated Qwest officials, and determined that there was no justification for taking action against any board member. The Denver Post summarized the implications for Anschutz thus: "Not only is Qwest founder and board member Philip Anschutz not a defendant in the long-awaited civil case against the regime of former Qwest chief executive Joe Nacchio, he doesn't even merit a mention in the 50-page complaint."[21]

In February 2006, the Denver Rocky Mountain News reported that Anschutz would not stand for re-election to the boards of Qwest and Union Pacific, and would resign from the board of Regal Entertainment Group, so that he could focus on his other investments.[22]

On June 24, 2008, it was announced that Anschutz would buy Xanterra Parks and Resorts, which had purchased the Grand Canyon Railway in 2007.[23] In 2011, it was announced that Anschutz purchased the Oklahoma Publishing Company, and as part of their assets the Broadmoor and the Manitou and Pike's Peak Railway in Colorado Springs.[24]

Effective August 1, 2010, Xanterra Parks & Resorts, owned by Denver-based Anschutz Company, has purchased and assumed management of Kingsmill Resort. Xanterra purchased the resort from Busch Properties, Inc. (BPI).

Entertainment -- Anschutz Entertainment Group

The Anschutz Entertainment Group (AEG) is a sporting and music entertainment presenter and a subsidiary of The Anschutz Corporation. It is the owner of entertainment venues, and under AEG Live the world's second largest presenter of live music and entertainment events after Live Nation.

On September 18, 2012, Anschutz announced he was putting AEG up for sale but decided to accept [13] none of the bids, and on March 14 he took AEG off the market.[25]

Soccer

Anschutz is one of only four recipients of the National Soccer Hall of Fame's Medal of Honor for his contributions to growing the sport of soccer in the United States.[26] Sports Business Journal ranked Anschutz in 2006 as the #1 most influential person in soccer in the U.S.[27] Anschutz was one of the founders of Major League Soccer as well as multiple teams, including the Los Angeles Galaxy, Chicago Fire, Colorado Rapids, Houston Dynamo, San Jose Earthquakes, D.C. United, and the New York/New Jersey MetroStars.[28] He owns a stake in the StubHub Center, the stadium for the MLS team LA Galaxy and former MLS team Chivas USA. For some time, while MLS was struggling, Anschutz owned six MLS franchises and experienced significant financial losses. For this reason, Anschutz has been called the man who saved MLS.[29][30] MLS Commissioner Don Garber stated in 2006 that "without Phil Anschutz, there's no MLS today."[26]

Anschutz was instrumental in several MLS initiatives that have grown the league's revenues and profits. For example, Anschutz pushed for the building of soccer-specific stadiums, allowing MLS teams to increase revenue and better control costs.[26] Anschutz also advocated for MLS' creation of Soccer United Marketing, the league's sales and marketing arm.[26] Anschutz has since sold his stake in the Chicago, Denver, Houston, New York, San Jose and D.C. MLS teams and currently only owns the Galaxy.

Other sports

The SportsBusiness Journal named Anschutz the 5th most influential person in sports business in 2012 in its annual survey of the "50 Most Influential People in Sports Business."[31] Anschutz owns stakes in the Los Angeles Lakers and Los Angeles Kings and venues including the Staples Center and O2 Arena. AEG is the world's largest owner of sports teams, sports events, and sports venues.

Philanthropy

One of the world's wealthiest individuals, Anschutz has been an active philanthropist.[32] He was listed as #113 on the Forbes list of billionaires in January 2015, with a net worth of $10.3 billion.[33]

The Anschutz Foundation, founded in 1964, supports a broad variety of community service, cultural and arts groups, as well as health facilities and initiatives - all of which make up the vast majority of the Foundation's annual giving. It also provides grants to several public policy think tanks - which account for approximately 1.5% - 2.0% of the Foundation's grants.[34][35][36]

Philip Anschutz and his wife Nancy have contributed over $100,000,000 to the new medical, dental, nursing, and pharmacy campus of the University of Colorado School of Medicine in Aurora, Colorado, which is now named the Anschutz Medical Campus in their honor. The land came from the recently closed Fitzsimons Army Medical Center, but millions and millions were needed for the construction of new medical laboratory buildings and a new University Hospital on the land.

They have also donated to the University of Kansas in Lawrence, Kansas, their alma mater. There is an Anschutz Library and Anschutz Sports Pavilion named in honor of their contributions.

In recognition of their philanthropic efforts, Phil and Nancy Anschutz were named the winners of the 2009 William E. Simon Prize for Philanthropic Leadership.[34]

Other business ventures

Political and Christian activism

He has:

References

  1. ↑ Forbes: The World's billionaires - Philip Anschutz September 2014
  2. ↑ http://www.princeton.edu/ams/anschutz
  3. ↑ Forbes topic page on Philip Anschutz. Accessed September 2014.
  4. ↑ http://www.chemistrydaily.com/chemistry/Philip_Anschutz
  5. ↑
  6. ↑ A Standard History of Kansas and Kansans, by William E. Connelley Accessed March 2013.
  7. 1 2 Contemporary Honors Award Recipient Philip Anschutz, Kansas Business Hall of Fame, February 2000
  8. ↑ Gilpin, Kenneth N. (October 4, 1984). "BUSINESS PEOPLE – BUSINESS PEOPLE – Anschutz Founder Shuns Limelight". The New York Times. Retrieved April 1, 2011.
  9. ↑ The London Independent: "Philip Anschutz: The Westerner - He has used his wealth to promote his conservative Christian views and to oppose gay marriage" By Andrew Buncome July 8, 2006
  10. ↑ "Contemporary Honors Award Recipient 2000 - School of Business | Emporia State University". www.emporia.edu. Retrieved 2015-12-07.
  11. ↑ Junior Achievement U.S. Business Hall of Fame
  12. ↑ http://www.politico.com/news/stories/1009/28355.html
  13. 1 2 Markazi, Arash. Potential AEG sale raises questions. ESPN, 2012-09-18.
  14. ↑ The real king of the Los Angeles Kings: mystery billionaire Philip Anschutz
  15. ↑ O'Reilly, Brian (September 6, 1999). "Billionaire Next Door Philip Anschutz may be the richest American you've never heard of. But this in many ways ordinary guy is an extraordinary businessman, as we learned when we went hunting for the elusive". CNN. Retrieved May 22, 2010.
  16. ↑ http://www.landreport.com/americas-100-largest-landowners/
  17. ↑ "Anschutz Group Wins Recognition for Support Award Celebrates Valley of Chiefs Work". Rocky Mountain News. February 11, 2003.
  18. ↑ "Anschutz, Spitzer Settle, Then Fight". Forbes. May 14, 2003.
  19. ↑ Dead link at nydailynews.com, 2003-05-15.
  20. ↑ WSJ Review and Outlook, May 15, 2003.
  21. ↑ "Anschutz not named in lawsuit ... No indication action is pending". nl.newsbank.com.
  22. ↑ Dead link at rockymountainnews.com.
  23. ↑ Whitehurst, Patrick (June 24, 2008). "New ownership for Xanterra, GC Railway". Williams News. Retrieved June 25, 2008.
  24. ↑ "Anschutz Buys Manitou & Pikes Peak". DRGW.Net. September 19, 2011.
  25. ↑ Anschutz Takes AEG Off the Market; President Leiweke Is Out
  26. 1 2 3 4 Sports Business Journal, Soccer’s visionary: Phil Anschutz, June 5, 2006, http://www.sportsbusinessdaily.com/Journal/Issues/2006/06/20060605/SBJ-In-Depth/Soccers-Visionary-Phil-Anschutz.aspx
  27. ↑ Sports Business Journal, The 20 Most Influential People in Soccer, June 5, 2006, http://m.sportsbusinessdaily.com/Journal/Issues/2006/06/20060605/SBJ-In-Depth/The-20-Most-Influential-People-In-Soccer.aspx
  28. ↑ "How Philip Anschutz Made Billions Seeing What Others Missed". The Motley Fool. July 20, 2015.
  29. ↑ SB Nation, The Two Sides of Phillip Anschutz: An American Soccer Savior With a Disturbing Social Agenda, Nov. 10, 2011, http://www.dynamotheory.com/2011/11/10/2551015/the-two-sides-of-phillip-anschutz-houston-dynamo-la-galaxy-mls-cup-2011
  30. ↑ TropiGol Sports, Anschutz saved MLS from extinction, Sep. 19, 2012, http://www.tropigol.com/2012/09/19/anschutz-saved-mls-from-extinction/
  31. ↑ http://www.sportsbusinessdaily.com/Journal/Issues/2012/12/10/Most-Influential/2-through-10.aspx
  32. ↑ Philip Anschutz's Philanthropy page. Faces of Philanthropy, accessed December 23, 2010.
  33. ↑ Forbes realtime list of billionaires, Forbes, accessed January 18, 2015.
  34. 1 2 Jonathan Last, "Pass It On", Philanthropy Roundtable, Fall 2009.
  35. ↑ Mark Harden, "Corporate Citizen of the Year: Anschutz's support key to building health care city", Denver Business Journal, October 7, 2007.
  36. ↑ Internal Revenue Service, Form 990s, via guidestar.org
  37. ↑ Clarity
  38. ↑ Corcoran, Michael. "The Weekly Standard’s War: Murdoch sells the magazine that sold the Iraq invasion", Fairness and Accuracy in Reporting, September 2009.
  39. ↑ Avery, Greg (November 30, 2012). "Anschutz buys Colorado Springs Gazette". Denver Business Journal. Retrieved November 30, 2012.
  40. ↑ "The Anschutz Co. buys Des Moines firm", Denver Business Journal, March 25, 2008, accessed March 10, 2011
  41. 1 2 Power Company of Wyoming LLC home page
  42. ↑ Wyoming Secretary of State Business Search, accessed 2012/07/05
  43. ↑ Wyoming Secretary of State Business Search, accessed 2012/07/05
  44. ↑ BLM project map, accessed 2012/07/05
  45. ↑ BLM. Chokecherry & Sierra Madre Wind Energy Project Final EIS, Volume II, Chapter 1, page 4
  46. ↑ Chokecherry and Sierra Madre project description pdf, accessed 2012/07/05
  47. ↑ Clark, Justin, "Citizen Anschutz: How the conservative Christian head of Regal Cinemas is trying to change how you see movies", Nerve.com, March 23, 2006.
  48. ↑ "Weekly Standard sold to Washington Examiner parent company", Washington Examiner, June 17, 2009.
  49. ↑ Substance News, October 28, 2010 http://www.substancenews.net/articles.php?page=1746
  50. ↑ Josh Eidelson, "Walmart, Right-Wing Media Company Hold Star-Studded Benefit Promoting Education Reform Film" In These Times, August 13, 2012, http://www.inthesetimes.com/working/entry/13643/walmart_anschutz_teachers_rock_wont_back_down_union_parent_trigger_viola_da/

External links


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