Oracle chief Ellison considers £6 billion bid for AEG

Oracle chief executive Larry Ellison is considering a potential bid for AEG, a sports and entertainment empire which owns the O2 arena.

Ellison, who is the third wealthiest man in America, is known for his extravagant tastes and recently bought a Hawaiian island for $500 million (£311 million). His net worth is put by Forbes at $41 billion (£25 billion), mainly from his 22.5 per cent stake in Oracle.

He has previously tried to buy sports teams in America and failed and his bid for AEG may be in the hope that it would allow him to buy and relocate a National Football League team to Los Angeles.

AEG's assets include stakes in the Los Angeles Lakers NBA franchise, the LA Kings pro hockey team, more than 100 worldwide entertainment and sports venues including the O2 Arena in London, and the AEG Live concert promotion business.

AEG Owner Phil Anschutz hit the headlines in the UK in 2006 when it emerged he had entertained the then Deputy Prime Minister John Prescott at his ranch just as he was bidding to win supercasino licences in the UK. He bought what was then The Dome in 2002 and integrating it into AEG.

AEG is up for sale at starting bids of $10 billion (£6 billion) with bankers at Blackstone handling the sale.