Kroenke to acquire controlling interest in Los Angeles Angels for record $4 billion
The transaction, executed through Kroenke Sports & Entertainment, concludes Arte Moreno’s 23-year tenure and surpasses the previous Major League Baseball sale record.
Stan Kroenke has reached an agreement to purchase a controlling interest in the Los Angeles Angels from Arte Moreno, valuing the franchise at a record $4 billion. The deal, which surpasses the previous Major League Baseball sale record of $3.9 billion set by the San Diego Padres earlier this year, is expected to close in the first quarter of 2027, subject to league approval.
The acquisition will be completed through Kroenke Sports & Entertainment, the holding company that also owns the Los Angeles Rams, Denver Nuggets, Colorado Avalanche, Colorado Rapids, and Arsenal F.C. Kroenke, 79, stated that the Angels are a storied franchise anchored in a great market, expressing confidence in an exciting future for the organisation.
Arte Moreno, 80, ends a 23-year ownership tenure that began in 2003 when he purchased the team from The Walt Disney Co. Moreno became the first Latino majority owner in MLB history and transformed the franchise into a national brand, leading the team to five American League West titles between 2004 and 2009.
Despite early success, including a 20-year, $3 billion television deal with Fox Sports in 2011 that facilitated high-profile signings, the Angels have made the playoffs only once since 2010. The franchise has clinched its 11th consecutive losing season, prompting persistent "Sell the team" chants at Angel Stadium and criticism regarding investment in baseball operations.
Moreno, who initially put the team up for sale in August 2022 before backing out, stated that the Moreno family has been honoured to steward the Angels for 23 years. Sources suggest Moreno may have been waiting for the conclusion of collective bargaining agreement talks regarding a potential salary cap, which could have influenced the franchise's valuation.
The transaction marks a significant shift in the franchise's governance, with Kroenke bringing experience from his management of the Los Angeles Rams, which he moved to Los Angeles in 2016 and built SoFi Stadium for. The deal remains contingent on Major League Baseball approval before it can be finalised.
