Kroenke to buy controlling interest in Angels from Moreno
In a surprise development that puts an end to a tumultuous ownership tenure, longtime Los Angeles Angels owner Arte Moreno agreed to sell the team to Stan Kroenke, who presides over the NFL'sLos Angeles Rams.
Kroenke's purchase is for a "controlling interest" in the franchise and will be done through Kroenke Sports & Entertainment, the Kroenke holding company that also owns the NBA's Denver Nuggets, the NHL's Colorado Avalanche, the Colorado Rapids of MLS and Arsenal F.C. of the Premier League, according to a news release Tuesday.
The release stated that the transaction would close "in the first quarter of 2027," subject to approval of Major League Baseball.
The Angels were sold for a valuation greater than $3.9 billion, a source confirmed to ESPN, the MLB record for a sale set by the Padres' new owner earlier this year. The exact price is still unknown.
"The Angels are a storied franchise anchored in a great market," Kroenke wrote in a statement. "We look forward to an exciting future with the Angels organization."
Moreno, the first Latino majority owner in MLB, purchased the Angels from the Walt Disney Company in 2003, on the heels of their first and only World Series championship, and immediately brought excitement to the franchise by bringing in the likes of Vladimir Guerrero and Bartolo Colon, lowering beer prices and turning the Angels into more of a national brand.
The Angels won the American League West five times in a six-year stretch from 2004 to 2009 and reached 3 million in attendance every year from 2003 to 2019. In 2011, the franchise also signed a 20-year, $3 billion TV deal with Fox Sports, triggering lucrative free agent signings of Albert Pujols, Josh Hamilton and C.J. Wilson.
Top Stories
But the Angels have made the playoffs only once since 2010, spoiling the prime years of Mike Trout and Shohei Ohtani, and have clinched their 11th consecutive losing season. In that time, Moreno has faced criticism for becoming too heavy handed in baseball operations and not investing enough in the resources that would help the Angels keep up with other franchises throughout the industry.
Signs of change began in recent months, when longtime St. Louis Cardinals head of baseball operations John Mozeliak was brought in as a consultant and given free reign to trade controllable players and shape the front office and coaching staff.Still, loud "Sell the team" chants have been a constant at Angel Stadium throughout the season.
"The Angels organization is pleased to announce this transaction with Kroenke Sports & Entertainment," Moreno said in a statement. "The Moreno family has been honored to steward the Angels for 23 years and we believe with KSE's experience and success they are the best next owner for the franchise. The Angels organization looks forward to continuing its commitment to the fans, our employees, the players and our business partners."
Moreno, 80, put the Angels for sale in August 2022 but backed out of a potential deal nine months later. Sources familiar with his thinking expected him to sell eventually, but many expected him to at least wait until talks over a new collective bargaining agreement concluded, with hopes that a potential salary cap would boost the value of the franchise.
Kroenke, 79, moved the Rams from St. Louis back to Los Angeles in 2016 and later built SoFi Stadium in the middle of a 300-acre sports and entertainment hub in Inglewood, California, one of the major destinations for the 2028 Olympics. Under Kroenke's watch, the Rams quickly brought in a bevy of stars and went to the Super Bowl in just their third year back in L.A. They won it all in 2022 and are seen as prohibitive favorites going into the 2026 season.
The LA Times first reported the Angels' valuation reaching north of $3.9 billion in the sale.br/]
