ANAHEIM, Calif. — Kroenke Sports and Entertainment has reached a deal to purchase controlling ownership of the Los Angeles Angels from Arte Moreno, expanding its sprawling empire of teams across every major U.S. professional sport with the addition of the beleaguered baseball club.
The company led by Stan Kroenke made the surprising announcement Tuesday, saying it expects to close on the transaction in early 2027. Major League Baseball, which must approve any sale, didn't immediately comment on the news, but The Athletic reported the deal is being done at a $4 billion valuation — a record for an MLB team.
Kroenke's company owns the NFL's Los Angeles Rams, Premier League champion Arsenal, the NBA's Denver Nuggets, the NHL's Colorado Avalanche, Major League Soccer's Colorado Rapids and SoFi Stadium, along with the large Hollywood Park campus around the multibillion-dollar Inglewood venue. The conglomerate has now moved into baseball with the Angels, whose turbulent 23-year tenure under Moreno's stewardship will finally end.
“The Angels are a storied franchise anchored in a great market," Kroenke said in a statement. "We look forward to an exciting future with the Angels organization.”
Moreno will remain a minority owner of the club in the sale, which also includes the team's regional television network and radio station.
When the players arrived at Angel Stadium to face the Yankees, they uniformly said the news had been shocking.
Mike Trout, the three-time AL MVP who has spent his entire 16-year career in Anaheim without winning a single playoff game, expressed his gratitude to Moreno while hailing the deal as “just a fresh start.”
“I mean, you kind of felt it was needed,” Trout added. “No hard feelings against Arte, but I’m super excited, the guys are excited. There’s a good vibe around the clubhouse, around the stadium. We’re all excited.”
Moreno bought the Angels from the Walt Disney Company in 2003. While the club had steady success in its first years under Moreno with much of the roster that won the 2002 World Series, claiming five AL West titles in six seasons during the 2000s, the Halos have entered an era of profound decline since their most recent playoff victory in 2009.
At 53-85, the AL-worst Angels are currently headed to their 11th consecutive losing season and their 12th consecutive non-playoff season, both the longest active streaks in the majors. Incredibly, they've made the postseason just once with three-time AL MVP outfielder Trout, who teamed with two-time AL MVP Shohei Ohtani for six straight seasons with no success.
In sharp contrast, Kroenke's teams consistently have been among their sports' absolute best in recent seasons.
The Rams, the Avalanche, the Nuggets and Arsenal have all won championships in their respective leagues over the past five years, and all four teams remain serious title contenders during a renaissance for an ownership group that was once criticized for its early struggles in English soccer and its decision to move the Rams from St. Louis back to Los Angeles.
Trout is thrilled by the possibilities created when the Halos join Kroenke’s stable of winning teams.
“As soon as I got the word, I looked him up, and what a track record,” Trout said of Kroenke. “Wherever he buys, they win, so that’s a good sign. No doubt he’ll invest in the team, in the players. That’s all you can ask.”
Trout also confirmed he still has no desire to leave Orange County: The 12-time All-Star intends to play out the remaining four years of the $426.5 million contract he signed with Moreno in 2019.
A hefty portion of the Angels’ struggles over the past two decades can be attributed to the 80-year-old Moreno, an outdoor advertising magnate from Arizona who has repeatedly inserted himself into personnel decisions while presiding over the rest of his organization with much less interest or acumen.
While he spent aggressively on payroll in his attempts to build a winner, his biggest moves usually backfired and produced little impact. His acquisitions of Anthony Rendon, Gary Matthews Jr., Josh Hamilton and many others were expensive disasters, while even his landmark $240 million free-agent contract for Albert Pujols didn't result in the homers or the victories expected from the price tag.
Moreno has been roundly criticized for skimping on infrastructure, resources and support staff throughout his organization compared to other MLB teams. He hired a series of baseball operations bosses who all had little or no experience in a top job, declining to turn over his front office to experienced winners.
The Angels have also endured numerous troubles off the field during Moreno's tenure, from the drug-related death of pitcher Tyler Skaggs to numerous smaller scandals.
Despite Moreno's much-derided decision to change the franchise's name from the Anaheim Angels in an attempt to build a more national brand, the team remained a healthy box-office draw to its loyal Orange County fans during most of his tenure — but the fan base has lost patience in recent years. Angel Stadium's slightly smaller crowds this season have regularly chanted “Sell the team!” and derided Moreno by name.
Shortstop Zach Neto echoed the views of many players who appreciated Moreno’s role in their careers even while understanding the criticisms.
“I’ve seen a lot of hate, a lot of love, but a lot more hate,” Neto said. “But as a player who has played under him, it’s a lot of love.”
The lack of success clearly began to wear on Moreno, whose children reportedly aren't interested in carrying on in the baseball business. Moreno publicly explored a sale of the Angels in 2022, only to pull the team off the market in early 2023.
Significant positive change occurred earlier this year when Moreno fired general manager Perry Minasian and hired John Mozeliak on a temporary basis to run his baseball operations. Mozeliak, the longtime St. Louis Cardinals GM, is the first baseball boss hired by Moreno with prior experience as a permanent general manager.
Mozeliak has already made significant changes to reshape the long-stagnant operation while starting a rebuild of sorts after years of resistance from Moreno.
Mozeliak said Moreno told him upon his hiring that a future sale was a possibility. He doesn't know how the deal will affect the front office, but he has been told to conduct business as usual for now.
“I was definitely surprised, but it wasn’t a shock,” Mozeliak said. “I think it’s exciting news for everybody. ... I can understand why there’s a lot of optimism right now in this community. The last 12 years have been difficult in terms of winning and losing and not going to the postseason. But I will say this on Arte’s behalf: He cared about this team as much as anyone. Now, some of the investments or decisions that didn’t pan out were not for lack of trying.”
KSE owns the stadiums in which its other teams play, but Angel Stadium is owned by the City of Anaheim. Moreno had a deal to buy the stadium and the land around it in 2020, but the arrangement was scrapped two years later amid a corruption scandal that led to the resignation of Anaheim's mayor.
Kroenke's MLB and NFL teams have a historic connection: The Rams played their home games at Angel Stadium from 1980 until 1994, when former owner Georgia Frontiere moved them to her hometown of St. Louis.
Moreno, a Mexican American, was the majors' first Latino majority owner, and he remained the only one until Puerto Rico-born billionaire José E. Feliciano closed his purchase of the San Diego Padres last month. Latino and Hispanic players comprise roughly 30% of major league rosters.
KSE will be only the fourth permanent owner of the Angels, who were founded as an AL expansion club in 1961 by early Hollywood star Gene Autry. His widow, Jackie, temporarily owned the team for a year after his death before selling it to Disney in 1999.
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AP freelance reporter Mike DiGiovanna contributed to this report.
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