The owner of sports and entertainment giant AEG, Philip Anschutz, has scrapped plans to sell the business after failing to find a buyer willing to pay acceptable terms.

AEG, which owns more than 120 venues worldwide including London's O2 Arena, was expected to draw an acquisition price of around $8bn.

Tim Leiweke, who has served as President and Chief Executive Officer of AEG since 1996, will be leaving the company by mutual agreement, as Anschutz takes a more hand-on role ...