The Angels Sell for a Record $4 Billion

Four years ago, Arte Moreno explored a sale of the Angels. No firm bids materialized, and he ended that exploration the following year. Three years later, however, the tide has suddenly turned. On Tuesday, Moreno agreed to sell the team to multi-sport owner Stan Kroenke in a deal that values the Angels at $4 billion, a record-setting price for the sale of a majority stake in an MLB team.
They say it never rains in Southern California. They also say that when it rains, it pours. Consider those two adages, and then apply them both to the recent ownership changes in MLB. Earlier this year, Kwanza Jones and José E. Feliciano bought the Padres at a $3.9 billion valuation. Kroenke’s purchase of the Angels sets a new record, the team-sale equivalent of a free agent signing a contract that guarantees them $1 million more than the previous high. It’s a boom time to be selling baseball teams. In fact, these two sales might have set records for transfers of controlling stakes, but the Yankees blew the competition away earlier this year when they sold a minority share to Apollo, a private equity group, at a valuation of roughly $10 billion. It’s a boom time for baseball ownership in general, in other words.
Moreno purchased the Angels in 2003, in the wake of their World Series title. His relationship with both the city of Anaheim and the fans of the team is complicated. At first, his free-spending ways made up for his desire to rebrand the club as a Los Angeles concern. The team was quite successful in the beginning of Moreno’s stewardship, averaging 90 wins in the first 10 years after he purchased the club. That was the best stretch in Angels history by far; they made the playoffs five times, more than the four they’d racked up in the prior 42 years the franchise existed before Moreno bought it. Read the rest of this entry »






